Overview of Section 194-IA for 1% TDS on Property Sale | Tax Professional Blogs | Scoop.it
From techiesbuzz.com - January 2, 12:41 AM

Mr P. Chidambaram added Section 194IA to the Income Tax Act in 2013, requiring a 1% TDS deduction on property sales to resident Indians. With the exception of agricultural land, this clause applies to various types of immovable property, including residential and commercial properties, plots, and undeveloped land. Notably, TDS is only levied on transactions with a sale price of Rs. 50,00,000 or above, providing some respite to citizens.