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Tds on immovable propoerty

This query is : Resolved 
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(Querist)
28 March 2012 Dear Expert

I would like to buy 2 shop in kalyan area, which is situated near to thane.
first
shop cost is ofRs. 25laks.and second cost is Rs. 19.50 lacs.

I heard that purchaser need to deduct TDs while purchase immovable property.

is this applicable on the above cases?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
04 April 2012 New Section 194LAA has been introduced by the Budget 2012 which provides for deduction of TDS on payment on transfer of certain immovable property.

Howeevr, this provision will be applicable from 1st October, 2012.
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