TDS on immovable property

Now this is a seperate tax collected by the govt. authorities.

What is tds rate ?

Sec 194 IA IF THE VALUE OF THE PROPERTY IS MORE THAN 50 LACS.

1%

1% tds rate applicable
and can get deduction too as per80c

Under Section 194-IA of the Income Tax Act 1961, TDS @ 1% is deducted from Payment for acquisition of Immovable Property. However due to the ongoing pandemic situation, the Rates of TDS has been reduced by 25% for the period 14th May 2020 to 31st March 2021 for certain non-salaried payments, inorder to increase liquidity in the hands of the peoples during these testing times.

As per Press Release dated 13th May 2020 issued by the Central Board of Direct Taxes ( CBIC ), the benefit of 25% reduction in TDS Rates will also be applicable on Payment for acquisition of immovable property U/s 194-IA of the Income Tax Act 1961. Hence the Net TDS to be deducted from the balance payment of Rs. 77 lakhs would be 0.75%, as it falls within the specified period.

TDS rate 0.75%...

Notification no. please