Section 194IA - TDS on payment on transfer of certain immovable property

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....n section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall be liable to deduct tax. Multiple Transferors or Transferees w.e.f. 01.10.2024 where there is more than one transferor or transferee in respect of any immovable property, then the consideration shall be the aggregate of the amounts paid or payabl....

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.... of such property Higher of above (a) and (b). Furnishing TDs Return  * Every person shall furnish a challan-cum-statement within 30 days from the end of the month in which the deduction is made. * Such statement file in Form  26QB electronically in accordance with the procedures, formats and standards specified under rule 31A(5). [ Rule 31A(4A) ] Furnishing TDS Certifi....

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....ase of immovable property to a person resident in India, except for: * (i) rural agricultural land (which is not coming in definition of capital asset) * (ii) the immovable property has been compulsory acquired under any law. * (ii) where the sale consideration for the property is less than 50 lakhs. * Therefore, if the immovable property is purchased from a non-resident person for any val....

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.... Tax Act, 1961. [ Read Rule 14AAA ] In the case of property whose sale price is Rs. 50 lakhs or more and in the event part payment is being made for the purchase, then such TDS would be required to be deducted on every part payment of consideration and not at the time of final tranche of payment. If sellers jointly own a property and sells for a total consideration of Rs. 50 lakh or more,....