TaxTMI 
TaxTMI 
Section 194IA v/s 194 M
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....ection 194IA v/s 194 M<br> Query (Issue) Started By: - Ethirajan Parthasarathy Dated:- 25-6-2021 Income Tax<br>Income Tax<br>Booking for an apartment in ongoing project is always referred to as "Purch....
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....ase of Apartment" from the developer. In this context, it has become common practice for the flat buyer to deduct tax @ 1% u/s 194IA. However, for purpose of time limitation for claiming exemption u/....
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....s 54 / 54F, booking of flat in an ongoing project is treated as "construction of property" and three years time is availed. Further, the documentation also makes it clear there is a "construction agre....
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....ement" with the developer and the developer pays GST on the same treating it as "works contract". In the above context, I really wonder, after introduction of specific section 194M whether the person....
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.... who has booked an apartment should deduct tax u/s 194M only and not 194IA I invite views of the experts.<br> Discussion Forum - Knowledge Sharing ....