The Finance Bill 2013-14 proposes levy of TDS at the rate of 1 percent on the value of the transfer of immovable property where the consideration exceeds Rs.50 lakh. However, agricultural land will be exempt. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that transactions in immovable properties are usually undervalued and under-reported. One half of the transactions do not carry the PAN of the parties concerned. The Finance Minister said that the proposal to apply TDS was aimed at improving the reporting of such transactions and the taxation of capital gains.
TDS at the Rate of 1 Percent Applied on the Value of Transfer of Immovable Property Exceeding Rs.50 Lakh
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Recent News :
- Key Allowances and Deductions Available to Taxpayers for Tax Year 2026-27
- CBDT Issues FAQs on Section 536 Transition Provisions Under Income Tax Act, 2025
- Tax Benefits for Senior Citizens in FY 2026-27: Deductions, TDS Relief and ITR Exemptions
- CBDT Releases Guidance Note on Crypto-Asset Reporting Obligations under Income Tax Act 2025
- Taxpayers Beware: PIB Exposes Fake Income Tax Notice Asking for Rs 6000 Payment
- NCLT Launches e-Inspection and e-Certified Copy Services to Enhance Digital Access for Stakeholders
- ITR-7 Online Utility Enabled on Income Tax Portal for AY 2026-27
- MSME Development (Amendment) Bill, 2026 Passed by Parliament
- Direct Tax Collections Jump 23% to Rs 8.11 Lakh Crore as on 10th Aug 2026
- CBDT Approves Sir Ganga Ram Trust Society for Scientific Research Tax Benefits Under IT Act, 2025
Popular News
- Tax Benefits for Senior Citizens in FY 2026-27: Deductions, TDS Relief and ITR Exemptions
- CBDT Releases FAQs on Taxation and Other Laws (Amendment) Bill, 2026
- FM Sitharaman Introduces Appropriation (No. 3) Bill, 2026 in Lok Sabha
- UPI Transactions May Attract Charges in Future as Lok Sabha Passes Taxation Amendment Bill
- MCA Extends Registration Deadline for 'Corporate Mitra' Course for North East Candidates Till 14th Aug 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
