Section 194IA - TDS on payment on transfer of certain immovable property

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..... o a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall be liable to deduct tax. w.e.f. 01.10.2024 where there is more than one transferor or transferee in respect of any immovable property, then the consideration shall be the aggregate of the amounts paid or payable by all the transferees to the transferor or all the tra .....

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..... all furnish certificate for deduction of tax in Form No. 16B to the payee within 15 days from the due date of furnishing statement in Form 26QB . [ Rule 31(3A) ] Notes: Every person is liable to deduct tax at source @ 1% on payment made for purchase of immovable property to a person resident in India, except for: (i) rural agricultural land (which is not coming in definition of capital asset) (ii) .....

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..... uct TDS @ 1% of the payment made to the seller. In case the seller does not have PAN or PAN is inoperative or PAN does not link with Aadhar, then instead of 1%, TDS will be applicable @ 20% because of section 206AA of the Income Tax Act, 1961. [ Read Rule 14AAA ] In the case of property whose sale price is ₹ 50 lakhs or more and in the event part payment is being made for the purchase, then .....

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