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of <h1>Transferee must deduct 1% TDS on non-agricultural immovable property transfers over ?50 lakh; obligation independent of Section 203A</h1> A transferee who pays a resident transferor any consideration for transfer of immovable property (other than agricultural land) must deduct tax at 1% of the consideration at the time of credit or payment, whichever is earlier; no deduction is required if the consideration is below ?50 lakh. The obligation is independent of the provisions of section 203A. 'Agricultural land' and 'immovable property' are defined for this purpose, with immovable property covering land (excluding agricultural land), buildings or parts of buildings.
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