The property buyers in India have to pay TDS to the government. According to Section 194 IA of Income Tax Act, the transferee (buyer) who pays the transferor (seller) a sum in exchange of the transfer or immovable property (except agricultural land) shall deduct 1% TDS of the paid amount. The TDS deduction happens at the time of payment via cash, credit or any other mode. It is important to note that the TDS deduction shall be made only if the transaction is for an amount of more than Rs. 50 lakhs. Now let us get to your query, ‘how to deposit TDS on purchase of property?’
How to deposit TDS on property purchase?The TDS deducted at 1% rate shall be submitted to the Government of India within 30 days from the end of the month in which deduction is made in Form 26 QB. Here is the process on how to deposit TDS on purchase of property.
Go to the official website of Tax Information Network of Income Tax Department or click on
https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
Scroll down to the section that says ‘TDS on Property (Form 26QB) and click on Proceed
Enter all the details carefully. The details on first page will be related to PAN of buyer and seller, address of buyer and seller and address of the property.
After entering these details click on ‘Next’
You will have to enter details such as property value, date of agreement, method of payment, TDS rate applicable and TDS amount.
Proceed further after submitting these details towards making the e payment or choose to pay offline
Pay the TDS amount and upon confirmation of payment you will receive a challan. Keep it safe for future reference.
This is the process on how to deposit TDS on purchase of property.
Read more: How to deposit TDS online How to claim TDS on sale of property How to download TDS Return Acknowledgement From TRACES How to calculate TDS on rent with example
How to deposit TDS on purchase of property?
Kabir
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2021-09-08T14:02:47+00:00 2021-09-08T16:45:16+00:00Comment
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