TDS on sale of immovable property of Rs. 50 lakh or more

3 comments Friday, March 1, 2013

Clause 42 of the Finance Bill seeks to insert a new section 194-IA in the Income-tax Act relating to payment on transfer of certain immovable property other than agricultural land. 
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Definition of capital asset in respect of agriculture land changed

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The provisions contained in clause (14) of the section 2 of Income Tax Act, 1961, define the term “capital asset” as property of any kind held by an assessee, whether or not connected with his business or profession. Certain categories of properties including agricultural land have been excluded from this definition. 
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Key highlights of Union budget 2013-14

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1.No revision in Tax slabs of Income Tax for individuals. A minor Tax credit of Rs.2,000 for whose income is up to Rs.5 lakh has been given (Rebate under Sec 87A).

2. Additional surcharge will be levied at 10% (other than Companies) whose income exceeds Rs 1 crore. Additional surcharges to be in force for only one year.
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