#2 Provisions of Section 194-IA:
Purchaser of property is responsible deducting 1% TDS on amount paid or payable to seller of property if purchase value exceed Rs.50 Lakh.
#3 What payment is covered by section 194-IA?
Any sum paid by way of consideration (amount) for transfer of any immovable property (other than agricultural land) is covered under section 194-IA, provided the consideration for transfer of an immovable property is not less than Rs. 50 lakhs.
#4. Time of deduction of tax:
Tax shall be deducted at the time of credit of such sum to the account of the seller or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier.
#5. Rate of TDS:
Tax shall be deducted at the rate of 1%.
#6.Deposit of tax to the Central Government:
Any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of 30 days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QB.