Question

Mr. Joshi purchased an apartment for ₹85 lakhs on 15 May 2022. Which of the following statements about TDS for sale of immovable property under Section 194-IA of the Income Tax Act, 1961, is INCORRECT?

A Mr. Joshi must deduct tax at the rate of 1% of the property value.
B The due date for deposit of the tax deducted with the government would be 31 May 2022.
C Tax has to be deducted by Mr. Joshi, who is the purchaser of the property.
D Section 194-IA will apply as the value of the property exceeds ₹50 lakh.
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