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of <h1>Finance Bill 2022 amends tax deductions on property transfers, altering Section 194-IA rules on consideration and stamp duty.</h1> Clause 56 of the Finance Bill, 2022 proposes amendments to section 194-IA of the Income-tax Act concerning tax deductions on the transfer of immovable property, excluding agricultural land. The amendment to sub-section (1) mandates tax deduction at 1% of the higher amount between the consideration paid or the stamp duty value. Sub-section (2) is revised to exempt tax deductions if both the consideration and stamp duty value are below fifty lakh rupees. Additionally, a new clause defines 'stamp duty value.' These changes are effective from April 1, 2022.
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