Since our inception into India’s urbane terrains, we have upturned the way living spaces are designed. And with that, we have transformed the ethos and aesthetics of real estate in India.
Pillared by a unique approach to designing and planning, we invest heavily in research and development ensuring that each of our developments surpass industry benchmarks and redefine value engineering and design. Our name, since the beginning, has been associated with excellence and we are creating sustainable value for our customers, stakeholders, business associates, employees and society at every step of our development.
Through environmentally friendly concepts of New Urbanism, our focus has been on transforming suburban sprawls of land into well-planned urban communities that nourish an outstanding sense of living. And our developments stand as living proof. Apart from residences, we have established numerous schools, colleges, institutions and hospitals through affiliates, trusts, clubhouses and community spaces, all of which have earned unmatched international repute.
Symbolic to our construction, our developments encompass the ether of the residents’ lives entirely, by introducing retail outlets, hospitality centers, healthcare and educational institutions etc. within the realms of House of Hiranandani community. Our aim is to integrate every family into a bigger, more inclusive community.
We are cognizant of the fact that we have maneuvered successfully through a turbulent time in this industry’s history. As we move forward, we will carry our legacy forward proudly and will persevere to take it to new heights through a committed adherence to the values that we stand for. These values that manifest in our passion for perfection and endless innovation and advancements.
The Finance Act, 2013 introduced a new section 194IA, which mandates tax withholding of 1 percent (1%) by the transferee (i.e. Buyer) on credits or payments (whichever is earlier) made to a transferor (i.e. seller) in relation to the transfer of immovable property, being land (other than agriculture land) or a building or part of the building, if the consideration for such a transfer of property is Rs 50 lacs or more. The said section is effective from 1st June, 2013.
In light of the above, the buyer is required under Section 194 IA of the Income Tax Act, 1961, to deduct the withholding tax of 1 percent (1%) in respect of credits or payments made to the seller, whichever is earlier, from 1st June, 2013 and deposit the same with the statutory authorities and produce the copy of the challan to the seller for its records. The credit of the amount so deposited would be given to the buyer only when the seller has ensured that the tax so paid has been correctly reflected in 26AS Statement of the Company.
For the PAN number of your seller, and in this case, the Company through which a contract for transfer of immovable property has been entered into, please contact your relationship manager, or customer service agent.
To know more about the Section 194 IA of Income Tax Act 1961, and to pay the tax through e-payments, please follow the link mentioned below which will help educate you on the process and steps to be followed to make tax payments online.http://www.slideshare.net/swetasingh89/e-tutorial-tds-on-property-22598141