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

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Presentation transcript:

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

Index APPLICABILITY COMPLIANCE PREREQUISITE FOR REMITTANCE KEY ASPECTS

Applicability 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 Shot at location - Prestige Neptune’s Courtyard - Cochin

Compliance 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) Shot at location - Prestige Neptune’s Courtyard - Cochin

Pre-requisites for remittance 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) Shot at location - Prestige Neptune’s Courtyard - Cochin

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

Key aspects 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 Shot at location - Prestige Neptune’s Courtyard - Cochin

Key aspects – contd….. 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) Shot at location - Prestige Neptune’s Courtyard - Cochin

In case of any queries/concerns, please write to us @ tds@prestigeconstructions.com or call us on 080 – 25001167/248 www.prestigeconstructions.com