Know more about TDSon sale of immovable property.

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Know more about TDSon sale of immovable property.

The Central Board of Direct Taxes (CBDT) has notified the new provision under section 194IA, wherein after 01.06.2013 1% Tax Deducted at Source(TDS) has to be levied on sale/transfer of  immovable property (other than rural agricultural land) exceeding  Rs 50 lakhs. Buyer of the property is required to deduct the 1% TDS before making the payment to the seller.

More about what 1% TDS is and how it has to be paid please  Click here