- Any land (other than agricultural land) or
- Any building; or
- Part of a building.
the finance minister has told that 1% tax will be deducted at source (TDS) on immovable property. The cut-off value for such a transfer of property is above Rs.50 lakh. So if you have a house or a plot of land, which is valued above Rs.50 lakh at the time of sale, then you will have to pay a TDS of 1% while selling it. Agricultural land is exempt from this. The proposed TDS provision is to be applied to transfer of immovable property, wherein the ‘immovable property’ means: