ADVANCE TAX ON SALE/TRANSFER OF IMMOVEABLE PROPERTY
Advance Tax on Sale or Transfer of Immovable Property – Section 236C / First Schedule
– Part III – Division X
The Act has deleted the time period of holding of the property of 4 years, for levy of tax under this Section, making advance tax under this Section applicable for every sales of immoveable property, irrespective of the holding period.
The Act has further enhanced the tax rate from 1% to 2% of the gross amount of the consideration received, under Division X of Part III of First Schedule.
Advance Tax on Purchase of Immoveable Property under Section 236K First Schedule – Part IV – Division XVIII
The rate of tax to be collected under Section 236K has been increased from 1% to 2% of the fair market value.
Advance Tax on Purchase of Immoveable Property – Tenth Schedule – Rule (1) – Tax rate for 236K / First Schedule – Division XVIII – Part IV
Tax required to be collected under section 236K shall be increased by 250% of the rate specified in Division XVIII of Part IV of the First Schedule in case of persons not appearing in the Active Taxpayers’ List.