Bought property price greater than Rs 50 lakh? Here is deposit TDS quantity

If an individual purchases immovable property price greater than Rs 50 lakh, revenue tax guidelines require the purchaser to deduct 1% from the sale consideration as tax deducted at supply (TDS) and deposit that quantity with the revenue tax division. Compliance with this course of could be completed on-line within the following method:

Course of

The property purchaser must furnish info with respect to the transaction on-line on After offering transaction particulars, the client has two choices:

  • Make a web-based cost of TDS utilizing the e-tax choice.
  • Make a cost subsequently by means of e-tax cost choice utilizing internet banking or by visiting any authorised financial institution department for cost of tax.

Particulars in Kind 26QB
Within the web site, the consumer must go to “Providers” tab and click on on “TDS on sale of property”. Then click on on “On-line type for furnishing TDS on property (Kind 26QB)” and click on on the shape. Particulars with respect to the property, sale consideration, PAN of purchaser and vendor have to be furnished within the type.

Charge for not filling Kind 26QB
If the client fails to refill Kind 26QB electronically inside seven days from the top of the month through which the tax deduction is made, the non-compliance will appeal to a charge to be paid by the client.

Factors to notice

  • The client of the property shouldn’t be required to acquire Tax Deduction Account Quantity (TAN); solely purchaser’s and vendor’s PAN are required.
  • It is very important get PAN of the vendor and confirm the identical with the unique in order that there are not any discrepancies afterward.
  • Fastidiously refill the web type as there is no such thing as a on-line mechanism for corrections. Rectification requests have to be made to the revenue tax division.

(Content material on this web page is courtesy Centre for Funding Schooling and Studying (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)

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