Immovable property transfer withholding applies to higher transfer or stamp-duty value, with specialised agreement payments taking priority. Tax deduction at source on transfer of immovable property other than agricultural land applies at 1% of the higher of transfer consideration and stamp ... Summary
Immovable property transfer withholding applies to higher transfer or stamp-duty value, with specialised agreement payments taking priority.
Tax deduction at source on transfer of immovable property other than agricultural land applies at 1% of the higher of transfer consideration and stamp duty value where either reaches Rs. 50 lakh. Consideration is aggregated across all transferees and transferors for the same property. Consideration under an agreement referred to in section 67(14) is subject to 10% deduction without a threshold and takes priority where both categories apply. Compensation or enhanced compensation on compulsory acquisition attracts 10% deduction above Rs. 5 lakh.
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