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Section194-IA of Income Tax Act - TDS on transfer of immovable property www.prestigeconstructions.com.

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Presentation on theme: "Section194-IA of Income Tax Act - TDS on transfer of immovable property www.prestigeconstructions.com."— Presentation transcript:

1 Section194-IA of Income Tax Act - TDS on transfer of immovable property

2 Index APPLICABILITY COMPLIANCE PREREQUISITE FOR REMITTANCE KEY ASPECTS

3 Applicability 3 Shot at location - Prestige Neptune’s Courtyard - Cochin  Applicable on sale of immovable property wherein the sale consideration exceeds Rs. 50 lakhs (value of agreement to sell and construction agreement put together)  Applicable for all payments / transactions w.e.f 01/06/2013  Applicable for all ongoing and new projects wherein the sale consideration exceeds Rs. 50 lakhs but only for payments made on or after 01/06/2013.  Purchaser to deduct 1.133%*/1.03 % (as the case may be) on all payments made towards purchase of immovable properties * applicable if purchaser is paying morethan Rs.1 Crore in a financial year

4 Compliance 4 Shot at location - Prestige Neptune’s Courtyard - Cochin  To be deducted at the time of making the payment  To remit the deduction online by Challan 26QB within 7 days from the end of the month in which deduction has been made (copy attached)  To furnish TDS certificate to the seller in Form 16B within 15 days from the due date of deposit (copy attached)

5 Pre-requisites for remittance 5 Shot at location - Prestige Neptune’s Courtyard - Cochin  PAN of the buyer and the seller (seller PAN will be provided by finance team to CRM team)  Address of the immovable property (as per the agreement, include unit number also)  Address of the buyer and seller (as per the agreement)  Whether the buyer is single / co-owner( as per the agreement)  Date of agreement / booking (as per the agreement or booking form)

6 Pre-requisites for remittance (contd….) 6 Shot at location - Prestige Neptune’s Courtyard - Cochin  Total value of the property (as per the agreements)  Total amount being paid now  Amount of TDS

7 Key aspects 7 Shot at location - Prestige Neptune’s Courtyard - Cochin  In case of co- owners, all owners are obligated to deduct and remit tax separately  No TDS on adv. maintenance, sinking fund, registration charges  TDS is applicable even on VAT & Service Tax  Applicable for NRI customers also – NRI should obtain PAN at least for TDS purpose, if not obtained already  Credit will be given to customer account on submission of Form 16B

8 Key aspects – contd….. 8 Shot at location - Prestige Neptune’s Courtyard - Cochin  In case of customers availing loan, the onus is on the customers to deduct tax and not on the bank  Tutorial for remittance of TDS issued by department (Attached)

9 In case of any queries/concerns, please write to or call us on 080 – /248 9


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