If you are planning to buy immovable property (build-up or under-construction) costing Rs. 50,00,000 or more, then I want you to know that you will be required to deduct TDS at 1% of the sale consideration when you pay the seller. You will have to deposit the amount in the government account as per the income tax laws. Read below to know how to make payment of TDS on sale of property:
Link:Click here to make the payment of TDS on sale of land
The Due Date:
You are required to pay the TDS on the immovable property within 30 days from the end of the month in which the deduction is being made.
Prerequisites:PAN details of the buyer and the seller
Payment:
You are required to pay the TDS on the amount that is payable or paid to the seller. You can use the e-tax payment option to make the payment.
You can make the payment of tax by visiting the bank’s authorized branch or through net banking. The acknowledgment will be generated after you make the payment. Upon filling in the relevant details of acknowledgment even on a later date, you can generate or get a 26QB form that was submitted.
26QB Form:The taxpayers have to fill an online 26QB form to make online tax payments through the e-tax payment option. If the property transaction involves more than one party as a buyer or seller, then the 26QB Form needs to be filled by every buyer for a unique buyer-seller combination.
What is Form 26QB? How to fill Form 26QB? How to Download Form 26QB? Form 16B:After paying tax, Form 16B (Certificate of TDS to be given by the buyer to seller) can be downloaded through the official website (link given below)
Official CPC – TDS Website How to Generate Form 16B? How to download Form 16B from TRACES?If the buyer faces any issue during online form filling, then they can call the customer support team of TIN at 020 27218080.
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This is how to make payment of TDS on sale of property.
Authors Of The Question
How to make payment of TDS on sale of property?
Palak
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2 Year
2021-12-02T16:57:19+00:00 2021-12-09T11:24:17+00:00Comment
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