Frequently asked questions

Q.

I'm buyer, Do I need to deduct TDS on sale of under construction property worth 55 lakhs?

A.

As per Income Tax Rules, any payment towards purchase of immovable property worth Rs 50 lakh or more, whether built up or under construction, you are required to withhold tax at the rate of 1% from the sale consideration payable to a resident transferor.

Q.

What is the due date of payment of TDS on sale of property?

A.

As per the CBDT notification no. 30/2016 dated April 29, 2016, the due date of payment of TDS on transfer of immovable property has been extended to thirty days (from existing seven days) from the end of the month in which the deduction is made.
Example: If a taxpayer has made payment of sale consideration in the month of February, then corresponding TDS should be deposited on or before (thirty days) March 30th

Q.

What is Form 16B?

A.

Form 16B is the TDS certificate to be issued by the deductor (Buyer of property) to the deductee (Seller of property) in respect of the taxes deducted and deposited into the Government Account.

Q.

How will transactions of joint parties (more than one buyer/seller) be filed in Form 26QB?

A.

Online statement cum challan Form/ Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share.
E.g. in case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares

Q.

What is Form 26QB?

A.

The online form available on the TIN website for furnishing information regarding TDS on property is termed as Form 26QB

Q.

I am Buyer, do I required to procure TAN to report the TDS on sale of Property?

A.

Buyer or Purchaser of the property is not required to procure Tax Deduction Account Number (TAN). The Buyer is required quote his or her PAN and sellers PAN

1,770.00

TDS on Sale of Property (26 QB)

Buy this plan to get TDS return (26QB)) filed return for TDS deducted on sale of Immovable property.

What TDS on Sale of Immovable Property?
  • The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor.
  • Filing of Form 26QB (4 nos.)
  • Registration on TRACES
  • Generation of Form 16B
  • Any queries regarding TDS on sale of immovable property
  • Any person (Indian Resident) or business in Indian who has purchased immovable property
  • The Stamp duty value of immovable property is Rs 50 Lakhs or more.
  • PAN number of both of transferee (buyer) and transferor (seller).
  • Category of PAN of transferee.
  • Full names of the buyer and seller.
  • Category of PAN of the transferor and transferor.
  • Complete address of the transferee and transferor.
  • Complete and correct address of the property purchased.
  • Details of amount paid or credited.
  • Any other detail as required
Plan Charges1500
Goods & Services Tax (GST)270
Total Cost1770


* Estimate Time for Service Completion
5-6 Days

Q.

I'm buyer, Do I need to deduct TDS on sale of under construction property worth 55 lakhs?

A.

As per Income Tax Rules, any payment towards purchase of immovable property worth Rs 50 lakh or more, whether built up or under construction, you are required to withhold tax at the rate of 1% from the sale consideration payable to a resident transferor.

Q.

What is the due date of payment of TDS on sale of property?

A.

As per the CBDT notification no. 30/2016 dated April 29, 2016, the due date of payment of TDS on transfer of immovable property has been extended to thirty days (from existing seven days) from the end of the month in which the deduction is made.
Example: If a taxpayer has made payment of sale consideration in the month of February, then corresponding TDS should be deposited on or before (thirty days) March 30th

Q.

What is Form 16B?

A.

Form 16B is the TDS certificate to be issued by the deductor (Buyer of property) to the deductee (Seller of property) in respect of the taxes deducted and deposited into the Government Account.

Q.

How will transactions of joint parties (more than one buyer/seller) be filed in Form 26QB?

A.

Online statement cum challan Form/ Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share.
E.g. in case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares

Q.

What is Form 26QB?

A.

The online form available on the TIN website for furnishing information regarding TDS on property is termed as Form 26QB

Q.

I am Buyer, do I required to procure TAN to report the TDS on sale of Property?

A.

Buyer or Purchaser of the property is not required to procure Tax Deduction Account Number (TAN). The Buyer is required quote his or her PAN and sellers PAN

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