Quick Summary
Amendment of provisions of TDS on sale of immovable property Section 194-IA of the Act provides for deduction of tax on payment of consideration for transfer of certain immovable property other than agricultural land. 2. Sub-section (1) of the said section provides that any person responsible for paying to a resident any sum by way of consideration for transfer of any immovable property shall, at the time of credit or payment of such sum to the resident, deduct an amount equal to one per cent
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FAQ :
Section 194-IA of the Act deals with the deduction of tax on payments made for the transfer of certain immovable properties, excluding agricultural land.
Previously, tax was deducted at 1% of the higher of the consideration or stamp duty value. No tax was deducted if both the consideration and stamp duty value were less than Rs. 50 lakh.
The Finance Act 2024 clarifies that the Rs. 50 lakh threshold for TDS deduction applies to the aggregate consideration paid or payable by all transferees to all transferors, not individual buyer payments.
These amendments will take effect from the 1st day of October 2024.
No, Section 194-IA applies to the transfer of immovable property other than agricultural land.
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