Section 194-IA of ITA, 1961 : Section 194-Ia: Payment On Transfer Of Certain Immovable Property Other Than Agricultural Land
ITA, 1961
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Explanation using Example
Imagine John is buying a house from Priya in Delhi for ₹60 lakh. Since the property is an immovable property (a building) and the transaction value is more than ₹50 lakh, as per Section 194-IA of the Income-tax Act, 1961, John, the buyer, is responsible for deducting 1% of the transaction value...
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