Finance Act 2024: Revised TDS Provisions for Transfer of Immovable Property

The Finance Act 2024 revises TDS provisions for the transfer of immovable property. Key changes include amendments to Section 194-IA of the Income Tax Act, raising the TDS threshold from Rs 50 lakh to Rs 75 lakh for non-agricultural land transfers. TDS will now be computed on the stamp duty value or the transaction value, whichever is higher. Buyers must deduct TDS at 1% and remit it to the government. Non-residents selling property are subject to higher TDS rates under Section 195. The amendments aim to curb tax evasion in real estate transactions and align with property valuation trends.