TDS on immovable property transfers: transferee must deduct tax at transaction time unless below threshold. A transferee liable to pay consideration to a resident transferor for transfer of immovable property (other than agricultural land) must deduct tax at source equal to one per cent of such consideration at the time of credit to the transferor's account or at the time of payment, whichever is earlier. No deduction is required where the consideration is below a prescribed threshold. Definitions of 'agricultural land' and 'immovable property' are supplied in the explanatory provision.