Hey there,
As a responsible citizen of the country, it is important that you know how to file your taxes and the type of taxes you pay. If you have questions about TDS on purchase of immovable property. You have come to the right place. I will answer all your queries in my answer.
TDS rate on purchase of immovable property.If the value of the property is more than 50 lakhs, the TDS rate on purchase of immovable property is 1%. TDS will be deducted irrespective of the type of property i.e. residential, commercial or industrial. TDS will not be deducted from the purchase of agricultural land.
How to deposit TDS on purchase of immovable property ?The payment of TDS can be done through two modes ie online as well as offline through Bank. The Buyer of Property is required to deduct TDS on Property from the Purchase price of the property and deposit this TDS with the Income Tax Department.
Process to pay TDS online :Open the official web portal of E-service by Tax Network.
Select the option which says ‘ TDS on property
Fill in the details required, including PAN of Transferee/Buyer, ACN number.
Enter the Captcha and hit enter.
Fill in form number 26 QB.
Once, all the required details are verified.
A portal for online payment of TDS will open.
Make your payment through net banking or directly through the e-payment gateway.
Complete the payment process and save the receipt.
This is how you pay TDS on purchase of immovable property.
I hope you liked my answer and you can now pay TDS online.
If you want help with scrutiny of technical documents and reports, Check out NoBroker Legal Services. Read more : How to pay TDS on property purchase from NRI? How to file TDS on sale of property? How to make payment of TDS on sale of property?
how to deposit tds on purchase of immovable property
samay
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2021-12-29T14:48:47+00:00 2022-01-03T11:43:57+00:00Comment
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