Insertion of new section 194LAA.

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.... the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent. of such sum as income-tax thereon.       (2) No deduction under sub-section (1) shall be made where consideration paid or payable for the transfer of an immovable property is less than fifty lakh rupees in case such immovable property is situated in a specified area, or is less than twenty lakh rupees in case such immovable property is situated in any area other than the specified area.       (3) Where the consideration paid or payable for the transfer of an immovable property is less than the value adopted or....

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....sp; (a) "agricultural land" means agricultural land in India, not being land situated in any area referred to in items (a) and (b) of sub-clause (iii) of clause (14) of section 2;                 (b) "immovable property" means any land (other than agricultural land) or any building or part of a building;                 (c) "specified area" shall mean an area comprising-       (i) Greater Mumbai urban agglomeration;       (ii) Delhi urban agglomeration;       (iii) Kolkata urban agglomeration; &nb....

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....f such sum in cash or by issue of cheque or by draft or by any other mode, whichever is earlier. It is further proposed to provide that no deduction shall be made where the consideration paid or payable for the transfer of such property is less than fifty lakh rupees in case such property is situated in a specified area or is less than twenty lakh rupees in case such property is situated in any area other than the specified area. It is also proposed to provide that if the consideration paid or payable for the transfer of such property is less than the value adopted or assessed or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of transfer of such property, the value so adopted or a....