TDS on Sale Proceeds of a Flat - Clarification

This is an important ammendment to the Income Tax Laws, as is applicable to a person selling or purchasing an imovable property. Please do consult a competent Lawyer also.

With effect from 1st October 2012, it will be obligatory for the buyer of a property at the time of making payment to the seller, to deduct tax at source @ 1% of such sum, if the sale consideration exceeds -

• Rs. 50 Lakhs where the property is situated in urban areas
• Rs. 25 Lakh in other cases.

There will be no registration of the sale of property unless the buyer furnishes proof of deduction and payment of TDS.

After section 194LA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of October, 2012, namely:—

“194 LAA. 

(1) 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, 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 percent of such sum as income-tax thereon.

(2) No deduction under sub-section (1) shall be made where consideration paid or payable for the transfer of an immovable property is less than fifty lakh rupees in case such immovable property is situated in a specified area, or is less than twenty lakh rupees in case such immovable property is situated in any area other than the specified area.

(3) Where the consideration paid or payable for the transfer of an immovable property is less than the value adopted or assessed or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of transfer of such immovable property, the value so adopted or assessed or assessable shall, for the purposes of sub-section (1) or sub-section (2), be deemed to be the consideration paid or payable for the transfer of such immovable property.

(4) Notwithstanding anything contained in any other law for the time being in force, where any document required to be registered under the provisions of clause (a) to clause (e) of sub-section (1) or sub-section (1A) of section 17 of the Indian Registration Act, 1908, purports to transfer, assign, limit or extinguish the right, title or interest of any person to or in any immovable property and in respect of which tax is required to be deducted under sub-section (1), no registering officer shall register any such document, unless the transferee furnishes the proof of deduction of income-tax in accordance with the provisions of this section and payment of sum so deducted to the credit of the Central Government in the prescribed form.

(5) The provisions of section 203A shall not apply to a person required to deduct tax in accordance with the provisions of this section.

Explanation.—For the purposes of this section,—

(a) “agricultural land” means agricultural land in India, not being land situated in any area referred to in items (a) and (b) of sub-clause (iii) of clause (14) of section 2;

(b) “immovable property” means any land (other than agricultural land) or any building or part of a building;

(c) “specified area” shall mean an area comprising—

  (i) Greater Mumbai urban agglomeration;

  (ii) Delhi urban agglomeration;

  (iii) Kolkata urban agglomeration;

  (iv) Chennai urban agglomeration;

  (v) Hyderabad urban agglomeration;

  (vi) Bangaluru urban agglomeration;

  (vii) Ahmedabad urban agglomeration;

  (viii) District of Faridabad;

  (ix) District of Gurgaon;

  (x) District of Gautam Budh Nagar;

  (xi) District of Ghaziabad;

  (xii) District of Gandhinagar; and

  (xiii) City of Secunderabad;

(d) the area comprising an urban agglomeration shall be the area included in such urban agglomeration on the basis of the 2001 census”.

 

 

Important Links:

 

 http://www.taxlawsonline.com/budget/chap3/as194la.asp

 

 http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2005ITAct/Section194la.htm

TOLL FREE NUMBERS HARYANA

have you ever been in a situation when you were desperately looking for a toll free number of either government offices or a manufacturing company to lodge a complaint or seek some information. I have experienced this on a few occasions and thought that I must get hold of the Toll Free numbers  for Haryana and put them in a blog for the benefit of others.

Toll Free Numbers of Haryana

GURGAON

S.No.              NAME & ADDRESS                  FPH No.

1 M/s G.E Capital Business Management Services Pvt Ltd    18001801290

2 M/s GE Capital IBusiness Management Services Pvt Ltd     18001800043

3 M/s GE Capital IBusiness Management Services Pvt Ltd     18001801275

4 M/s G.E. capital star National service Ltd           18001801230

5 GE Capital                                                            18001801295

6 GE Capital                                                            18001808282

7 Aviva life Insurance CO. India PVT LTD 18001802111

8 Aviva life Insurance CO. India PVT LTD 18001802333

9 Aviva life Insurance CO. India PVT LTD 18001802244

10 Aviva life Insurance CO. India PVT LTD 18001802266

11 Aviva life Insurance CO. India PVT LTD 18001802277

12 Aviva life Insurance CO. India PVT LTD 18001802299

13 Aviva life Insurance CO. India PVT LTD 18001801244

14 Aviva life Insurance CO. India PVT LTD 18001801263

15 Aviva life Insurance CO. India PVT LTD 18001801264

16 Aviva life Insurance CO. India PVT LTD 18001802253

17 Aviva life Insurance CO. India PVT LTD 18001801231

18 Aviva life Insurance CO. India PVT LTD 18001801268

19 MAX New york Life insurance Co Ltd 18001805433

20 MAX New york Life insurance Co Ltd 18001805577

21 MAX New york Life insurance Co Ltd 18001801288

22 MAX New york Life insurance Co Ltd 18001801299

23 MAX New york Life insurance Co Ltd 18001805588

24 CITI Bank                                             18001802484

25 CITI Bank                                             18001800123

26 CITI Bank                                             18001805626

27 CITI Bank                                             18001802274

28 CITI Bank                                             18001802884

29 CITI Bank                                             18001802265

30 M/s American Express Bank 18001801255

31 M/s American Express Bank 18001802639

32 M/s American Express Bank 18001801252

33 M/s American Express Bank 18001801247

34 M/s American Express Bank 18001801248

35 M/s American Express Bank 18001801249

36 M/s American Express Bank 18001801251

37 M/s American Express Bank 18001801666

38 M/s American Express Bank 18001801261

39 M/s American Express Bank 18001801144

40 M/s American Express Bank 18001801188

41 M/s American Express Bank 18001801245

42 M/s American Express Bank 18001801241

43 M/s American Express Bank 18001801242

44 Vipul Medcorp-P Ltd             18001801166

45 Vipul Medcorp-P Ltd             18001801177

46 Bertelesmann Mkt services india Pvt Ltd 18001801215

47 M/s Huges Communication Ltd 18001801243

48 M/S Hugehes Escorts Communication Ltd 18001804325

49 M/s Huges Communications India Pvt Ltd 18001801399

50 Schalastic India Private Ltd.                      18001801269

51 Schalastic India Private Ltd                       18001801270

52 xerox Modi Corporation Ltd                       18001801225

53 UTSTARCOM                                              18001801204

54 Punjab National bank                                 18001802222

55 Human Dynamic India P Ltd                      18001801219

56 Fidelity Technology India P. LTD                18001808000

57 TCl Ltd                                                        18001800977

58 Hindustan Lever Ltd                                   18001801240

59 Sonia Psricha Global                                  18001804455

60 Kingfisher airlines Ltd                                18001800101

61 Royal Airways Limited                               18001803333

62 India Meterological Department                18001801717

63 Tata Telecom Ltd                                        18001801211

64 British Airways                                           18001801213

65 SDRC India Pvt Ltd                                    18001801205

66 Hindustan Lever Ltd                                  18001801208

67 Hewlett Packard India sales Pvt Ltd          18001801209

68 Biored Laboratories P Ltd                         18001801224

69 Hero Honda Motors Ltd                             18001800016

70 Indian Airlines Ltd                                      18001801407

71 M/s Ind travels Pvt Ltd                               18001800888

72 M/s Paramount Airways                             18001801234

73 Jaipur Golden Transport Comp Pvt Ltd      18001800777

74 Carlson Hospitality Marketing India Pvt Ltd 18001800456

75 Carlson Hospitality Marketing India Pvt Ltd 18001800333

76 Alfa Control System Ltd                                 18001809911

77 Hindustan Coca Cola Beverages PVt Ltd       18001802653

78 Delta Energy Systems india Pvt Ltd               18001801016

79 Ranbaxy Laboratories Ltd                              18001801013

80 Pepsico India Holding Pvt Ltd                         18001801038

81 Amway India Enterprises                               18001800789

82 Plantronics 18001801064

83 Yatra Online Pvt Ltd 18001800018

84 Yatra Online Pvt Ltd 18001800810

85 NIIT Ltd 18001806448

86 NIIT Ltd 18001806060

87 Doon Consulting Pvt Ltd 18001802237

88 Amercan Express Bank Ltd 18001801030

89 Technoroutes Network Pvt Ltd 18001808324

90 Inter globe aviation pvt ltd 18001803838

91 Mother dairy food s processing ltd 18001801018

92 Northens Minerals Ltd 18001805000

93 Polaris software Ltd 18001801218

94 KLM Royal Dutch Airlines 18001800033

95 KLM Royal Dutch Airlines 18001800044

96 Air France 18001800055

97 Air France 18001800066

98 Air France 18001800077

99 G 4 S Security Service India Pvt Ltd 18001802207

100 Agilent Technologies int. Ltd 18001801133

101 Oriental Bank Of Commerce 18001801235

102 M/s AVA Merchandising Pvt Ltd 18001800300

103 Business Octave Solutions Pvt Ltd 18001801818

104 Helpage India 18001801253

105 Security Intelligence Services India Ltd 18001801303

106 Becton Dickinson India Pvt Ltd 18001807700

107 Indian dream financial advisors pvt Ltd 18001807424

108 Quest Diagnostic India Pvt Ltd 18001805221

109 Quest Diagnostic India Pvt Ltd 18001805227

110 Quest Diagnostic India Pvt Ltd 18001808378

111 Quantum Net Technologies Ltd 18001800786

112 Rama Tours & Travels Pvt Ltd 18001807262

113 Transport Corporation of India Ltd 18001800824

114 Cryo Banks International India 18001801217

115 Pepsico India Holding Pvt Ltd 18001804356

116 Kamdhenu Ispat Limited 18001800545

117 IILM Institute for Higher education 18001804456

118 Delarue Cash systems Pvt ltd 18001801220

119 Amdoc Development center delhi pvt Ltd 18001802636

120 Amdoc Development center delhi pvt Ltd 18001802737

121 Indian Drug & Pharmecuetical Ltd 18001808080

122 American Express Pvt. Ltd 18001806333

123 American Express Pvt. Ltd 18001806444

124 American Express Pvt. Ltd 18001806555

125 American Express Pvt. Ltd 18001806777

126 American Express Pvt. Ltd 18001806888

127 American Express Pvt. Ltd 18001806999

128 B.S.N.L Black Barry Services BSNL Call Centre 18001801505

129 Air Works India Engineering Pvt Ltd 18001800311

130 Spanco BPO Services Ltd 18001801278

131 Avitech Animal Health Pvt Ltd 18001801345

132 Apparel Export Promotion 18001807000

133 Choice Hospitality India Ltd 18001801380

134 Alba Urmet Communication 18001800911

135 Schenider Electric India Pvt Ltd 18001801707

136 A 2 Z Infra Service Pvt Ltd 18001801315

137 Mesto Minerals India Pvt Ltd 18001801214

138 Aviva life Insurance CO. India PVT LTD 18001800433

139 Dashmesh Education Cheritable Trust 18001802233

140 Carlson Hospitality Marketing India Pvt Ltd 18001800369

141 Carlson Hospitality Marketing India Pvt Ltd 18001800700

142 Canara HSBC OBC Life Insurance 18001800003

143 KLM Royal Dutch Airlines 18001800099

144 EXXON Mobil Lubricants Pvt Ltd 18001801172

145 EXXON Mobil Lubricants Pvt Ltd 18001801173

146 American Express Pvt. Ltd. 18001801250

147 SITEL India Ltd 18001801222

148 Gurgaon Institute of Technology and Management 18001801719

149 Gurgaon College of Engineering for Women 18001802123

150 Gurgaon College of Engineering 18001802325

151 Mahasagar Enterprises 18001800441

152 Jindal Paddings Pvt. Ltd 18001801151

153 Synverse Technology India Pvt. Ltd 18001801277

154 Agilent Technologies int. Ltd 18001801517

155 Competent Automobile Co. Ltd 18001804500

156 Cruise Master 18001802577

157 Municipal Corporation 18001801256

158 Hero Management Services Ltd 18001800800

159 Best Cluster Soft Service Pvt. Ltd 18001804777

160 Signature Industries Pvt. Ltd. 18001801343

161 Navigent Technology Pvt. Ltd 18001801615

ROHTAK

S. No. NAME & ADDRESS FPH

162 LPS Bossard Kahawar 18001808181

163 PDM Society 18001806600

164 Nandi foundation 18001801812

165 Hari health education foundation 18001801010

166 Distt Election office 18001806337

167 Municipal committee Rohtak 18001805007

168 Mundra pipeline 18001801276

169 Balaji engg college 18001801664

HISSAR

S. No. NAME & ADDRESS FPH

170 Suptd. O/o ADC cum DRDO ,Hisar 18001801181

171 OM Istitute of Technology and Management 18001801182

172 DIRECTOR ,Extension Kisan Sewa Kendra 18001803001

173 O/C ESM Help line station 18001801041

174 Director of NRCE,Sirsa Road Hisar 18001801233

175 Distt. Election office cum DC mini sectt 18001801175

176 She. Chandu ram 18001801183

REWARI

S. No. NAME & ADDRESS FPH

171 ADC DRDA NREGA REWARI ROAD 18001801040

172 SECRUTARY MUNCIPLE COMMITTE 18001801050

173 COLLEGE ENG. OF TECHNOLOGY 18001801431

174 KRISHI VIKASH KENDAR AGRICULTURE UNIVERSITY 18001804002

AMBALA

S. No. NAME & ADDRESS FPH

175 M/s Labotron Instruments Ltd 1800 180 3000

176 SDE LNMS Opp. Local OCB 1800 180 1022

177 M/s ICL Groups of College Solution 1800 180 1677

178 M/s ADC CUM CEO DRDA Vikas Sadan Court 18001801701

179 AGM(Broadband & Mktg) O/o The CGMT 18001801033

180 SP Railway Haryana Ambala Cantt 18001801135

181 DC & Election Commissioner 18001801045

KARNAL

S. No. NAME & ADDRESS FPH

182 Chief Scientist cum Head Krishi Vigyan Kendra 18001803111

183 M/S UNITED RICELAND PVT. LTD 18001803131

184 Sr.Area Manager(IOCL) 18001803133

185 Supdt. Post Office Kurukshetra Division 18001801155

186 Director NDRI O/o ATIC Center Karnal 18001801199

187 The Administrative Officer CSSRI 18001801014

188 Dulichand Narender kumar exports pvt ltd 18001801772

189 M/S Panesar Engg Co 18001801008

190 Haryana College of Technology &Management 18001801024

191 M/S Dunar herbs &Drinks pvt Ltd. 18001802772

FARIDABAD

S. No. NAME & ADDRESS FPH

192 M/s Escorts Ltd. 18001800081

193 Arogya Dham organisation 18001801023

194 INATIVE NETWORKS PVT. LTD 18001801152

195 tirupati industries chemicals pvt. Ltd 18001801411

196 Escorts Ltd Escorts Ltd 18001801444

197 L. R. FOODS PVT. LTD 18001801552

198 M/S V. Connect 18001801555

199 The ADC OFFICE 18001801558

200 Metafab Engineers India Pvt Ltd 18001801571

201 shine metal udyog pvt Ltd 18001801715

202 SAS MOTORS LTD 18001801854

203 ESCORTS CONSTRUCTION EQUIPMENT LTD 18001801890

204 Additional Deputy Commissioner Office 18001801922

205 M/S CLUTCH AUTO LTD 18001802565

206 M/s M. K. Peacock Mineral Water Pvt. Ltd 18001807777