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TMI BlogInsertion of new section 194LAA.X X X X Extracts X X X X X X X X Extracts X X X X ..... of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent. of such sum as income-tax thereon. (2) No deduction under sub-section (1) shall be made where consideration paid or payable for the transfer of an immovable property is less than fifty lakh rupees in case such immovable property is situated in a specified area, or is less than twenty lakh rupees in case such immovable property is situated in any area other than the specified area. (3) Where the consideration paid or payable for the transfer of an immovable property is less than the value adopted or assessed or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of transfer of such immova ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ban agglomeration; (ii) Delhi urban agglomeration; (iii) Kolkata urban agglomeration; (iv) Chennai urban agglomeration; (v) Hyderabad urban agglomeration; (vi) Bangaluru urban agglomeration; (vii) Ahmedabad urban agglomeration; (viii) District of Faridabad; (ix) District of Gurgaon; (x) District of Gautam Budh Nagar; (xi) District of Ghaziabad; (xii) District of Gandhinagar; and (xiii) City of Secunderabad; (d) the area comprising an urban agglomeration shall be the area included in such urban agglomeration on the basis of the 2001 census. . - Clause 73 of the Bill seeks to insert a new section 194LAA in the Income-tax Act relating to payment on transfer of certain immovable property other than agricultural land. It is proposed to insert a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion (1A) of section 17 of the Indian Registration Act, 1908 purports to transfer, assign, limit or extinguish the right, title or interest of any person to or in any immovable property and in respect of which tax is required to be deducted under the aforesaid sub-section (1), no registering officer appointed under that Act shall register any such document unless the transferee furnishes the proof of deduction of income-tax in accordance with the provisions of this section and payment of sum so deducted to the credit of the Central Government in the prescribed form. It is also proposed to provide that the provisions of section 203A shall not apply to a person required to deduct tax in accordance with the provisions of this section. It is al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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