Tax Deduction Rule for Real Estate Development Requires 10% Withholding on Land, Building, or Cash Consideration
A legal provision governing tax deduction at source (TDS) for specified real estate development agreements. Applies when a landowner allows another party to develop a real estate project, involving consideration through land, building, or cash. Tax deduction is 10% of the consideration, to be withheld at the time of credit or payment, whichever occurs first. Specifically targets registered agreements involving property development and transfer of ownership shares.