Amendment of section 194-IA

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...., for the words "immovable property is", the words "immovable property and the stamp duty value of such property, are both," shall be inserted; (iii) in the Explanation, after clause (b), the following clause shall be inserted, namely:-- '(c) "stamp duty value" shall have the same meaning as assigned to it in clause (f) of the Explanation to clause (vii) of sub-section (2) of sec....

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....responsible for paying to a resident any sum by way of consideration for transfer of any immovable property (other than agricultural land) shall at the time of credit or payment of such sum to the resident deduct tax at the rate of one per cent. of such sum or the stamp duty value of such property, whichever is higher, as income-tax thereon. It is further proposed to amend sub-section (2) of th....