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TDS under section 194-IA of the Income Tax Act is only applicable when the consideration for the transfer of immovable property exceeds Rs. 50 lakhs per buyer.
The ITAT’s Jodhpur bench ruled that TDS under section 194-IA of the Income Tax Act is only applicable when the consideration for the transfer of immovable property exceeds Rs. 50 lakhs per buyer. Despite the fact that the section requires the buyer to deduct TDS of 1% of the greater of the consideration or stamp duty value of the property that is not less than Rs. 50 lakhs. (ITA No. 118/Jodh/2021)
