Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate? MCQ with Answer and Explanation
Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
A. Section 194J at 10%
B. Section 194IA at 1%
C. Section 194IA at 10%
D. Section 194C at 1%
Answer: Option B
Solution (By JKSSB Mock Tests)
Section 194IA mandates TDS at 1% on the transfer of immovable property (other than agricultural land) if the consideration exceeds ₹50,00,000.
Explanation:
The CGA is the principal accounts adviser to the Government of India and is responsible for maintaining the accounts of the Union Government.
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