03 October 2013
TDS ON IMMOVABLE PROPERTY U/S 194IA
The finance minister has said that 1% tax will be deducted at source (TDS) on immovable property.
The cut-off value for such a transfer of property is above Rs.50 lakh. So if you have a house or a plot of land, which is valued above Rs.50 lakh at the time of sale, then you will have to pay a TDS of 1% while selling it.