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of <h1>Tax Deduction Rules for Property Sales: 1% TDS Under Section 194-IA for Residents on Sales Over Rs. 50 Lakh.</h1> When purchasing land or a building, tax must be deducted from the sale proceeds under Section 194-IA of the Finance Act, 2013, if the seller is a resident and the property is not rural agricultural land. The tax rate is 1%, applicable if the sale consideration exceeds Rs. 50,00,000, and is calculated on the entire amount. If the seller is a non-resident, Section 195 applies instead. No tax deduction is required if the sale consideration is below Rs. 50,00,000.
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