Home > TDS > Service Plan Pricing > Sale of Property (Form 26QB) TDS Return Service PlanLast Updated: Nov 21th 2022
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A comprehensive list of frequently asked questions on TDS on sale of 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.
Know more on Form 26QB (TDS on Property)
Additional FAQs @ Form 26QB (TDS on Property) FAQs
According to rules in respect of tax deducted at source, buyer of the property would have to deduct the TDS and deposit the same in Government treasury.
The online form available on the TIN website for furnishing information regarding TDS on property is termed as Form 26QB.
Form 16B is the TDS certificate to be issued by the deductor (Buyer of property) to the deductees (Seller of property) in respect of the taxes deducted and deposited into the Government Account.
Buyer of the property would have to deduct the TDS and deposit the same in Government treasury.
Due date of payment of TDS on transfer of immovable property is thirty days (from existing seven days) from the end of the month in which the deduction is made.
Form 16B will be available for download from the website of Centralized Processing Cell of TDS (CPC-TDS) www.tdscpc.gov.in
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.