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of <h1>Amendment to Section 194-IA: Tax Deduction on Property Transfers Now Includes Incidental Charges Like Maintenance and Parking Fees.</h1> Clause 45 of the Finance (No. 2) Bill, 2019 amends section 194-IA of the Income-tax Act, effective from September 1, 2019. It clarifies that 'consideration for transfer of any immovable property' includes charges such as club membership fees, car parking fees, electricity or water facility fees, maintenance fees, advance fees, or similar charges incidental to the property transfer. The section mandates a 1% tax deduction at source on property transfers, exempting transactions below fifty lakh rupees. This amendment aims to ensure comprehensive inclusion of incidental charges in the taxable consideration for property transfers.
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