Good News - 1% TDS on Property Sale, rolled back by Finance Minister

Initiating the debate on the Finance Bill for 2012-13 in the Lok Sabha, Finance Minister Pranab Mukherjee said the government had decided to roll back the proposed 1% tax deduction at source (TDS) on transfer of immovable property.

Further Mr. Mukherjee also announced a slew of measures to provide relief to the Jewellery sector and postponed implementation of the general anti-avoidance rules (GAAR) by one year.

Not only this he also halved the Capital Gains tax for private equity investors to 10% and relaxed the norms for arrest of persons involved in violation of Customs Act.

Further Mr. Parab. Mukherjee said that the threshold limit for TCS (tax collection at source) on cash purchase of jewellery will be raised to 5 lakh from the current 2 lakh.