TDS on Sale of Immovable Property other than Agriculture Land
Permanent Account Number - PAN:
Tax needs to be deducted @ 1% on purchase value of immovable property if the same exceeds Rs.50 Lakhs per property.
If the seller doesn't have PAN, tax needs to be deducted @ 20% instead of 1%
The buyer of the property needs to deduct tax before making the payment to the seller
This new rule is brought into effect from 1st June 2013
Both residential and commercial property are covered under this provision