Any person (Buyer or Transferee) who enters into an agreement with a resident for transfer of an immovable property (land or building or both but not an agricultural land) is required to deduct TDS under this section.
The rate of the tax deduction is 1%. And the time of deducting tax is earlier of, the credit of income to the account of the payee (receiver) or actual payment (in cash, cheque, draft or other modes).
No, the transferor should be resident for TDS deduction under this section.
No, as there are two different properties and each has a value below 50 lakhs.
Actual Consideration not stamp Duty Value.
No, This Section Clearly points out that if the sale consideration exceeds 50 lakhs, buyer has to deduct 1% TDS and the seller need not to worry about deducting TDS and from the point of view of buyer GST can be considered as an additional tax and it does not form part of sale consideration.
Yes, there is no difference in a JDA Agreement. So 194-IA will apply on JDA agreement as well.
Yes, we can take TDS refund on cancellation of deal There is an online procedure for Refund.
YES, there will be a sale of Immovable Property, Salaried person will also have a Capital gain in this case.
Yes, as the sale consideration is more than 50 lakhs 194-IA is applicable.
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