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Home > TDS > TDS On Sale Of Immovable PropertyLast Updated: Dec 05th 2023

TDS On Sale Of Immovable Property (From 26QB) FAQs

TDS is applicable on sale of immovable property wherein the sale consideration value of the property is 50 Lakhs or more. Tax @ 1% should be deducted by the purchaser of the property and same has to file with Government.

TDS On Sale Of Immovable Property
1.What is TDS on property?

The Finance Bill 2013 has proposed that purchaser of an immovable property worth ₹ 50 Lakhs or more is required to pay Deduct tax at the rate of 1% from the consideration value.

2.Who has to deduct the TDS on sale of Property?

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.

3.Is TAN compulsory to report the TDS on sale of Property?

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

4.What if I don't have the PAN of the seller, is it Mandatory?

PAN of the seller is mandatory. The same may be acquired from the Seller before effecting the transaction. If the seller fails to do so, buyer is required to deduct tax at the rate of 20%, instead of the prescribed 1%.

5.What is Form 26QB?

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

6.What is the due date of filing of TDS on sale of property?

The due date of payment of TDS on transfer of immovable property has been extended to 30 days from the end of the month in which the deduction is made.

7.What is Form 16B?

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.

8.Is there any other chargers applicable on payment of TDS?

No but in case you have not deposited TDS by the correct date, the following penalties are applicable:

  • Late filing fee (if you do not file by the deadline)
  • Interest (if you do not deposit the TDS amount in time)
  • Penalty (if TDS is not filed within one year of the due date)

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