Insertion of new section194-IA-Payment on transfer of certain immovable property other than agricultural land

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.... Payment on transfer of certain immovable property other than agricultural land           '194-IA. (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transfer or any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at ....

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....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.'. - Clause 42 of the Bill seeks to insert a new section 194-IA in the Income-tax Act relating to payment on transfer of certain immovable property other ....