FM withdraws 1% TDS on Property Sales

The finance minister Pranab Mukherjee has withdrawn the proposed 1% tax deduction at source (TDS) on immovable property transactions on Monday. During the budget session the finance minister had proposed about implementing TDS on property sales.

The proposed one per cent TDS on property transaction would have high burden on buyers, as they need to furnish personal details, property details in the tax deduction form.