Insertion of new section194-IA-Payment on transfer of certain immovable property other than agricultural land

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..... ble property other than agricultural land '194-IA. (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transfer or any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transfer or or at the time of payment of su .....

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..... ble property other than agricultural land. It is proposed to insert a new section 194-IA to provide that any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land) shall deduct an amount equal to one per cent. of such sum .....

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