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Government rolls back TDS on property sales
Monday May 07, 2012 06:46:39 PM,
IANS
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New Delhi:
The government Monday rolled back the proposed one percent tax
deduction at source (TDS) on transfer of immovable property.
Initiating the debate on the Finance Bill for 2012-13 in the Lok
Sabha, Finance Minister Pranab Mukherjee said the government had
decided to roll back the levy after receiving various
representations.
"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 percent of such sum," Mukherjee said.
"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," he added.
In the budget for financial year 2012-13 presented March 16, the
finance minister had proposed to levy TDS on transfer of immovable
property, in a bid to tighten screw on corruption and black money
in the property markets.
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