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of <h1>Transferees Must Deduct 1% Income Tax on Immovable Property Transfers Over 50 Lakh Under Section 194-IA</h1> Section 194-IA of the Income-tax Act, effective from June 1, 2013, mandates that a transferee must deduct 1% income tax from the payment made to a resident transferor for transferring immovable property, excluding agricultural land. This deduction applies at the time of credit or payment, whichever is earlier. However, no deduction is required if the property's consideration is below fifty lakh rupees. The section clarifies that 'agricultural land' refers to land in India not located in specified areas, and 'immovable property' includes land or buildings, excluding agricultural land. Section 203A provisions do not apply here.
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