95[Payment of compensation on acquisition of
certain immovable property96.
194LA. Any person responsible for paying to a resident
any sum, being in the nature of compensation or the enhanced compensation or
the consi-deration or the enhanced consideration on account of compulsory
acquisition, under any law for the time being in force, of any immovable
property (other than agricultural land), shall, at the time of payment of such
sum in cash or by issue of a cheque or draft or by any other mode, whichever is
earlier, deduct an amount equal to ten per cent of such sum as income-tax
thereon:
Provided that no deduction shall be made under this section where the amount of
such payment or, as the case may be, the aggregate amount of such payments to a
resident during the financial year does not exceed one hundred thousand rupees.
Explanation.—For the purposes of this section,—
(i) “agricultural land” means agricultural land in India including
land situate in any area referred to in items (a) and (b) of
sub-clause (iii) of clause (14) of section
2;
(ii) “immovable property” means any land (other than agricultural land)
or any building or part of a building.]