Allowing the appeal of the assessee the Tribunal held that; The exemption of Rs. 50 lakh in S. 194IA(2) is applicable w.r.t. the amount related to each transferee and not with reference to the amount as per sale deed. Each transferee is a separate income tax entity and the law has to be applied with reference to each transferee as an individual transferee / person .Each purchase consideration being Only Rs.37,50,000, provision is not applicable. (AY. 2014-15)
Vinod Soni v. ITO ( 2019) 197 TTJ 352/ 174 ITD 598/ 174 DTR 377(Delhi)(Trib.), www.itatonline.org/Pradeep Kumar Soni v.ITO (2019) 197 TTJ 352/ 174 DTR 377 ( Delhi)(Trib) Babli Soni v. ITO (2019) 197 TTJ 352/ 174 DTR 377 ( Delhi)(Trib) Beena Soni v.ITO (2019) 197 TTJ 352/ 174 DTR 377 ( Delhi)(Trib)
S. 194IA : Deduction at source-Transfer of certain immoveable property other than agricultural land- The exemption of Rs. 50 lakh in S. 194IA(2) is applicable w.r.t. the amount related to each transferee and not with reference to the amount as per sale deed- Each transferee is a separate income tax entity and the law has to be applied with reference to each transferee as an individual transferee / person-Each purchase consideration being Only Rs. 37, 50,000 , provision is not applicable. [S. 194IA(2), 201(1), 201(IA)]