Transfer of immovable property: transferee must deduct 1% tax at payment or credit when consideration is Rs. 50 lakh or more.

A transferee paying a resident transferor for immovable property (other than agricultural land) must deduct one per cent tax of the consideration at the earlier of crediting the sum to the transferor or payment; no deduction is required where consideration is below fifty lakh rupees; the provision exempts such deductors from certain general deductor registration requirements; "agricultural land" and "immovable property" are defined to exclude agricultural land and to include non-agricultural land and buildings.

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