Section 194-IA
Regulation & taxThe provision requiring a buyer of immovable property above a prescribed consideration to deduct tax at a low prescribed rate on the whole amount, deposited using Form 26QB.
In plain terms
The obligation sits on the buyer, who is usually an individual with no experience of deducting anything. Where the seller is a non-resident a different provision applies entirely, at a much higher rate and needing a TAN.