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Tds On Property ( 26Qb )

Are you looking for services related to the payment of property TDS? Legal Adda is the best Property TDS Payment Consultant in Ahmedabad, India. Every individual/company who buys a property worth more than Rs 50 lakh has to deduct tax at source (TDS) 1% from the seller's payment.

TDS Payment on Sale of Immovable Property

Such TDS is required to deposit to the Income Tax Department (Govt.) with the submission of TDS Form 26QB.

The provisions of TDS on the sale of immovable property have been described as per Section 194IA of the Income Tax Act, 1961. Real estate includes all types of land, buildings, offices, commercial spaces, bungalows, flats, apartments, etc. Such TDS is required to be deducted by the buyer of the property if the value of the immovable property exceeds fifty lakhs (50 lakhs). First, the buyer of the property will deduct 1% directly from the seller's payment. Second, the buyer shall file TDS Form 26QB electronically from the NSDL portal along with the deposit payment of TDS. Finally, the buyer will download Form 16A from TRACES, a certificate of TDS for the sale of immovable property, such Form 16A should be given to the seller of immovable property.

Tds On Property ( 26Qb ).

 

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