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Overview of Section 194-IA
and 43CA
ASHOK SETH, Lucknow
B. Sc, FCA, DISA (ICA)
as@sethspro.com
Sec 194-IA (w.e.f 1st June
2013
 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),
13th June 2013 CA Ashok Seth 2
Sec 194-IA Clause (1) Contd.
 shall, 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,
 deduct an amount equal to one per
cent of such sum as income-tax
thereon.
13th June 2013 CA Ashok Seth 3
No Deduction IF & No TAN
Required
 No deduction if consideration (Actual
not deemed u/s 50-C) for the transfer
of an immovable property is less than
50 L rupees.
 NO TAN is required by deductor
 However- PAN of Transferee and
Transferor both are required
 IF NO PAN OF seller- TDS 20% u/s
206AA
13th June 2013 CA Ashok Seth 4
Definitions
 (a)"agricultural land" means
agricultural land in India, not being
a land situate in any area referred to
in items (a) and (b) of sub-clause
(iii) of clause (14) of s 2;
 (b)"immovable property" means any
land (other than agricultural land) or
any building or part of a building.
13th June 2013 CA Ashok Seth 5
CBDT Notification Dt. 31st May
2013- amending the rules
 Rule 30(2A)- TDS to be paid within
seven days from the end of the
month in which deduction made.
 Challan cum statement 26QB
 Rule 30(6A)- Payment only
electronically.
13th June 2013 CA Ashok Seth 6
Procedures- Contd.
 Rule 31(3A)- Person responsible for
deduction to furnish certificate in
form 16B within 15days from due
date of 26QB
 The certificate to be generated and
downloaded from web portal
13th June 2013 CA Ashok Seth 7
Issues- Whether TDS
deductible ?
 On payments made before 1st June is
total consideration is > 50 Lacs but
payment due after 1st June 2013 is
less than 50 Lacs
 For payments made to LDA or Avas &
Vikas etc. also
 If Actual consideration is 45 Lacs and
valuation u/s 50C is 55 Lacs
13th June 2013 CA Ashok Seth 8
Issues
 there may be instances where the
payments have been made in full but
the possession not delivered and
registration also not done- Problem of
Registrar ?
 Can TDS be deposited by builder on
behalf of buyer
 TDS on Basic value or on Service Tax
amount also.
13th June 2013 CA Ashok Seth 9
Issues
 whether it is applicable on basic sales
price or including the value of all
amenities? E.g. car parking,
preferential charges, plus club
membership, external development
charges etc. which builder
charges from customer as a part of
Flat purchase
13th June 2013 CA Ashok Seth 10
Issues
 If a buyer pays the balance amount
say 10 Lacs in instalments or
otherwise after registration can this
be called to be payment
“consideration for transfer”
13th June 2013 CA Ashok Seth 11
Issues
 If there are two Joint transferee “A” &
“B” and 3 Joint Transferor “X”, “Y”
and “Z” for total consideration of say
90 Lacs
 Should TDS be deducted
 If in above example consideration is 135
Lacs then?
 In second example above how many
challan Cum statements ?
13th June 2013 CA Ashok Seth 12
13th June 2013 CA Ashok Seth 13
Section 43CA
 Inserted by Finance ACT 2013
 w.e.f. 1st April 2014 i.e. Asstt Yr.
2014-15
 Effective from Current Financial Year
2013-14
13th June 2013 CA Ashok Seth 14
Section 43CA(1)
 Where consideration as a result of the
transfer of an asset (other than a
capital asset), being land or building
or both, is < than value adopted or
assessed or assessable by an
authority for the purpose of payment
of stamp duty, the value so assessed
shall, be deemed to be the full value
of the consideration
13th June 2013 CA Ashok Seth 15
Section 43CA(2)
 The provisions of sub-section (2) and
sub-section (3) of section 50C shall,
so far as may be, apply in relation to
determination of the value adopted or
assessed or assessable under sub-
section (1).
13th June 2013 CA Ashok Seth 16
Section 43CA(3)
 Where the date of agreement fixing
the value of consideration for transfer
of the asset and the date of
registration of such transfer of asset
are not the same, the value referred
to in sub-section (1) may be taken as
the value assessable on the date of
the agreement.
13th June 2013 CA Ashok Seth 17
Section 43CA(4)
 The provisions of sub-section (3) shall
apply only in a case where the
amount of consideration or a part
thereof has been received by any
mode other than cash on or before
the date of agreement for transfer of
the asset.
13th June 2013 CA Ashok Seth 18

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Section 194-IA and 43CA TDS and valuation of immovable property

  • 1. Overview of Section 194-IA and 43CA ASHOK SETH, Lucknow B. Sc, FCA, DISA (ICA) as@sethspro.com
  • 2. Sec 194-IA (w.e.f 1st June 2013  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), 13th June 2013 CA Ashok Seth 2
  • 3. Sec 194-IA Clause (1) Contd.  shall, 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,  deduct an amount equal to one per cent of such sum as income-tax thereon. 13th June 2013 CA Ashok Seth 3
  • 4. No Deduction IF & No TAN Required  No deduction if consideration (Actual not deemed u/s 50-C) for the transfer of an immovable property is less than 50 L rupees.  NO TAN is required by deductor  However- PAN of Transferee and Transferor both are required  IF NO PAN OF seller- TDS 20% u/s 206AA 13th June 2013 CA Ashok Seth 4
  • 5. Definitions  (a)"agricultural land" means agricultural land in India, not being a land situate in any area referred to in items (a) and (b) of sub-clause (iii) of clause (14) of s 2;  (b)"immovable property" means any land (other than agricultural land) or any building or part of a building. 13th June 2013 CA Ashok Seth 5
  • 6. CBDT Notification Dt. 31st May 2013- amending the rules  Rule 30(2A)- TDS to be paid within seven days from the end of the month in which deduction made.  Challan cum statement 26QB  Rule 30(6A)- Payment only electronically. 13th June 2013 CA Ashok Seth 6
  • 7. Procedures- Contd.  Rule 31(3A)- Person responsible for deduction to furnish certificate in form 16B within 15days from due date of 26QB  The certificate to be generated and downloaded from web portal 13th June 2013 CA Ashok Seth 7
  • 8. Issues- Whether TDS deductible ?  On payments made before 1st June is total consideration is > 50 Lacs but payment due after 1st June 2013 is less than 50 Lacs  For payments made to LDA or Avas & Vikas etc. also  If Actual consideration is 45 Lacs and valuation u/s 50C is 55 Lacs 13th June 2013 CA Ashok Seth 8
  • 9. Issues  there may be instances where the payments have been made in full but the possession not delivered and registration also not done- Problem of Registrar ?  Can TDS be deposited by builder on behalf of buyer  TDS on Basic value or on Service Tax amount also. 13th June 2013 CA Ashok Seth 9
  • 10. Issues  whether it is applicable on basic sales price or including the value of all amenities? E.g. car parking, preferential charges, plus club membership, external development charges etc. which builder charges from customer as a part of Flat purchase 13th June 2013 CA Ashok Seth 10
  • 11. Issues  If a buyer pays the balance amount say 10 Lacs in instalments or otherwise after registration can this be called to be payment “consideration for transfer” 13th June 2013 CA Ashok Seth 11
  • 12. Issues  If there are two Joint transferee “A” & “B” and 3 Joint Transferor “X”, “Y” and “Z” for total consideration of say 90 Lacs  Should TDS be deducted  If in above example consideration is 135 Lacs then?  In second example above how many challan Cum statements ? 13th June 2013 CA Ashok Seth 12
  • 13. 13th June 2013 CA Ashok Seth 13
  • 14. Section 43CA  Inserted by Finance ACT 2013  w.e.f. 1st April 2014 i.e. Asstt Yr. 2014-15  Effective from Current Financial Year 2013-14 13th June 2013 CA Ashok Seth 14
  • 15. Section 43CA(1)  Where consideration as a result of the transfer of an asset (other than a capital asset), being land or building or both, is < than value adopted or assessed or assessable by an authority for the purpose of payment of stamp duty, the value so assessed shall, be deemed to be the full value of the consideration 13th June 2013 CA Ashok Seth 15
  • 16. Section 43CA(2)  The provisions of sub-section (2) and sub-section (3) of section 50C shall, so far as may be, apply in relation to determination of the value adopted or assessed or assessable under sub- section (1). 13th June 2013 CA Ashok Seth 16
  • 17. Section 43CA(3)  Where the date of agreement fixing the value of consideration for transfer of the asset and the date of registration of such transfer of asset are not the same, the value referred to in sub-section (1) may be taken as the value assessable on the date of the agreement. 13th June 2013 CA Ashok Seth 17
  • 18. Section 43CA(4)  The provisions of sub-section (3) shall apply only in a case where the amount of consideration or a part thereof has been received by any mode other than cash on or before the date of agreement for transfer of the asset. 13th June 2013 CA Ashok Seth 18