1 % of each payment to be deducted as TDS on purchase of any immovable property of Rs.50 lakhs or above (other than agricultural land).

If sale value of an immovable property (other than agricultural land) is Rs.50 lakhs and above, the buyer is obligated under the law to deduct tax at 1% on such value and pay the tax so deducted to the Government account within 7 days. For making payment, the PAN No. of the payer and the payee is required. [Section 194(IA)].