Sale of agricultural land

The purchaser of any immovable property is required to deduct tax at source (TDS) @ 1% if the consideration for such purchase exceeds Rs 50,00,000. However, no TDS is required to be deducted if the property purchased is agricultural land.The purchaser of any immovable property is required to deduct tax at source (TDS) @ 1% if the consideration for such purchase exceeds Rs 50,00,000. However, no TDS is required to be deducted for agricultural land.