TDS on Sale of Property

• According to the Finance Bill of 2013, TDS is levied on the sale of immovable property when the sale consideration exceeds or equals Rs 50.00 lakhs. (Rupees Fifty Lakhs).
• Section 194 IA of the Income Tax Act of 1961 states that beginning June 1, 2013, the purchaser of the property must deduct tax at the rate of 1% when making payment of the sale consideration.

Procedure for paying TDS:

1. 1. Visit the NSDL-TIN website (www.tin-nsdl.com)
   2. Click “TDS on sale of property” and click on the option “Online form for furnishing TDS on property”.
   3. Select Form 26QB for Payment of TDS on Property Sale.
   4. Enter all the following information:
   5. Please save and print the 26QB/Bank Voucher and forward a copy to your designated Builder.