Any person (Buyer or Transferee) who enters into an agreement with a resident for transfer of an immovable property (land or building or both but not an agricultural land) is required to deduct TDS under this section.
The rate of the tax deduction is 1%. And the time of deducting tax is earlier of, the credit of income to the account of the payee (receiver) or actual payment (in cash, cheque, draft or other modes).
Everything you Need to Know about Form 16 which is a basic document and a certificate of TDS deducted for every Salaried Person.
Comprehensive Guide containing all Information that you must know while filing of your ITR for FY 2017-18 (AY 2018-19).
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