Bangalore Development Authority

Bangalore Development Authority
BDA/EM/e-Auction/T-02/2013-14
Date: 22.06.2013
PUBLIC NOTICE
For the attention of bidders participating in e-Auction of BDA.
Ref:
1. e-Auction notification No. BDA/EM/e-Auction/T-02/2013-14, 04.06.2013
2. Notification of Income Tax Dept. No. F.No. ITO/PR/TDS/2013-14, dated
05.06.2013 to comply with the amends brought to the Section 194 IA of
the Income Tax Act, 1961-TDS on sale of immovable properties.
******
Bangalore Development Authority has announced for disposal of 81 sites located in
different parts of City through e-Auction vide its notification no. BDA/EM/e-Auction/T-02/2013-14,
dated 04.06.2013 in this news paper issue dated 16.06.2013.
Futher, as per the Notification under referrence (2) a new section has been introduced with
effect from 01.06.2013 in the Income Tax Act 1961. (Sec 194 IA). Accordingly any person buying
immovable property exceeding Rs. 50 lakhs shall deduct 1% of sale consideration and pay the
same to the Income Tax Department.
After the completion of the current e-Auction only on complying with the guidelines of
Section 194 IA of Income Tax Act 1961 the successful bidders shall be eligible for registration of
site.
For further details log on to BDA website www.bdabangalore.org or Income Tax
Department website https://incometaxindia.gov.in for details on TDS regard to purchase of
immovable properties.
Sd/Commissioner
Bangalore Development Authority
Bangalore
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Sub: Section 194 IA of the Income Tax Act,1 961- TDS on Sale of Immovable
Property –reg.
[Payment on transfer of certain immovable property other than agricultural land.
194-IA. (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 per cent of such sum as incometax thereon.
(2) No deduction under sub-section (1) shall be made where the consideration for the
transfer of an immovable property is less than fifty lakh rupees.
(3) 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 a land situate
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.]