TDS on Sale of Property

  • As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to `50,00,000 (Rupees Fifty Lakhs).
  • Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration.

Process for making TDS payment:

1. Log on to NSDL-TIN website (www.tin-nsdl.com)

2. Click “TDS on sale of property”, click on the option “Online form for furnishing TDS on property”.

3. Select Form for Payment of TDS on sale of Property – Form 26QB.

4. Fill all required details as mentioned below:

5. Please Save and Print From 26QB/Bank Voucher and send copy to your respective Builder