Proposal for TDS on Property Transactions withdrawn

By Accommodation Times Bureau

On 7th May 2012, Union Finance Minister, Pranab Mukharjee withdrawn the proposal to deduct tax at source on property transactions. He said” The Finance Bill proposes that every transferee of immovable property (other than agricultural land), at the time of making payment for transfer of the property, shall deduct tax at the rate of 1% of such sum. I have received a number of representations pointing out the additional compliance burden this measure would impose. I, therefore, propose to withdraw this provision for levy of TDS on transfer of immovable property.”

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