Explanation : For the purposes of this section, -
Section 194-IA, as inserted with effect from 1-6-2013 provides that any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land) shall deduct an amount equal to one per cent of such sum as income-tax at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of cheque or draft or by any other mode, whichever is earlier.
No deduction shall be made where consideration for the transfer of an immovable property is less than fifty lakh rupees.
Any sum paid by way of consideration for transfer of any immovable property (other than agricultural land) is covered under section 194-IA, provided the consideration for transfer of an immovable property is not less than ₹ 50 lakhs.
A land shall not be treated as Agriculture Land, if:
|Population of the Municipality||Distance from Municipal limit or Cantonment Board|
|More than 10,000 but does not exceed 1,00,000||Within 2 kms.|
|More than 1,00,000 but does not exceed 10,00,000||Within 6 kms.|
|Exceeding 10,00,000||Within 8 kms.|
The payer is any person, being a transferee, responsible for paying (other than the person referred to in section 194-IA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land).
The payee is resident transferor of any immovable property (other than agricultural land).
For applicability of section 194-IA following conditions need to be satisfied:
Tax shall be deducted at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier.
Tax shall be deducted at the rate of 1%.
Section 206AA, as inserted with effect from 1-4-2010, provides as under:
Provisions pertaining to Tax Deduction and Collection Account Number, i.e., section 203A, shall not apply to a person deducting tax at source under Section 194-IA.
Any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QB.
The sum so deducted shall be deposited to the credit of the Central Government by remitting it electronically to the Reserve Bank of India or the State Bank of India or to any authorised bank.
Every person responsible for deduction of tax under section 194-IA shall furnish the certificate of deduction of tax at source in Form No. 16B to the payee within fifteen days from the due date for furnishing the Challan-cum-statement in Form No. 26QB under Rule 31A after generating and downloading the same from the web portal specified by the Director General of Income-tax (System) or the person authorised by him.
Every person responsible for deduction of tax under section 194-IA shall furnish to the Director General of Income-tax (System) or the person authorised by him a challan-cum-statement in Form No. 26QB electronically within seven days from the end of the month in which the deduction is made. CPC-TDS has also enabled the online functionality for correction in Form 26QB.
The visitors may visit the web site of Income Tax Department for resolving their doubts or for clarifications.
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