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of <h1>Section 194LAA: 1% Tax Deduction on Immovable Property Transfers Over 50L in Specified Areas; 20L Elsewhere.</h1> Clause 73 of the Finance Bill, 2012 introduces section 194LAA to the Income-tax Act, effective from October 1, 2012. It mandates a 1% income tax deduction by transferees on payments to resident transferors for immovable property transfers, excluding agricultural land. No deduction is required if the property value is below fifty lakh rupees in specified areas or twenty lakh rupees elsewhere. If the transaction value is less than the state-assessed stamp duty value, the latter is deemed the consideration. Registration of such property requires proof of tax deduction. Section 203A provisions do not apply here, and key terms are defined.
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