TDS ON TRANSFER OF IMMOVABLE PROPERTY

[KERAGODEGOPALARAO ANANTHARAO]

WHAT IS MONETARY LIMIT FOR NOT DEDUCTING TAX ON TRANSFER OF IMMOVABLE PROPERTY

IS IT 5000000 OR 3000000

AI Summary

TDS under Section 194-IA applies on property transfers above ₹50 lakh, not ₹30 lakh or less Tax deduction at source (TDS) under Section 194-IA of the Income Tax Act, 1961, applies to the transfer of immovable property other than agricultural land. The transferee must deduct 1% TDS on the consideration amount or the stamp duty value, whichever is higher, at the time of payment or credit. However, no TDS deduction is required if both the consideration and the stamp duty value are below fifty lakh rupees. Therefore, the monetary limit for TDS deduction is fifty lakh rupees, not thirty lakh or any other amount.