1. Section has been inserted w.e.f. 01.06.2013.
2. Deductor & Deductee: Any person (being a transferee) responsible for paying (other than person referred to in section 194LA) to a Resident transferor any sum by way of consideration for transfer of any immovable property (other agricultural land in rural area in India), is liable to deduct the TDS under this section.
3. Time of deduction: At the time of payment or credit to the transferor in the books of transferee, whichever is earlier.
4. Rate of TDS:-
a. In case of PAN of Deductee is available-1%
b. In case of NO PAN of Deductee is available-20%
5. Limit: No TDS is to be deducted when consideration is less than Rs 50, 00,000.
6. Provision of TAN not applicable.
7. Immovable property means any land or building or part of building. Such may be situated in India or may be situated out of India.
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