1% Withholding Tax on immovable property

*The Finance Minister succinctly introduced the withholding tax regime for
immovable property transactions in the Finance Act, 2013. The said Regime
mandates tax withholding @ 1% (plus surcharge and education cess) by the
transferee from payments made to the transferor in relation to transactions
to immovable properties exceeding INR 5 million. *