How to make payment of TDS on sale of property?

When buying a property, the buyer must deduct the tax before paying the seller. Before paying the seller, the buyer must deduct taxes from the purchase price of the property. Coming to your query, how to make payment of TDS on sale of property? You can make the payment from the official website of e-Filing.

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Steps to Pay of TDS on Sale of Property

Here’s a step-by-step guide to pay TDS on sale of property. But before that, you must collect buyer and seller PAN numbers and property details.

1. Visit the

   official e-filling portal

   . 

2. Click on “TDS on Sale of Property” and select Form 26QB (for single or multiple buyers/sellers).

3. Fill in details like PAN of buyer and seller, property details, total sale consideration, and TDS amount.

4. Choose the online payment (Net Banking) or generate a challan for offline payment at an authorised bank.

5. After payment, download the Challan 280 for future reference.

6. The buyer must download Form 16B from the TRACES portal and provide it to the seller as proof of TDS deduction.

You must deposit the TDS within 30 days of the end of the month in which it was deducted. I hope you found this helpful.

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How to Claim TDS on Sale of Property in ITR 

If you are planning to buy immovable property (build-up or under-construction) costing Rs. 50,00,000 or more, then I want you to know that you will be required to deduct TDS at 1% of the sale consideration when you pay the seller. You will have to deposit the amount in the government account as per the income tax laws. Read below to know how to make payment of TDS on sale of property:

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You are required to pay the TDS on the immovable property within 30 days from the end of the month in which the deduction is being made.

PAN details of the buyer and the seller

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You are required to pay the TDS on the amount that is payable or paid to the seller. You can use the e-tax payment option to make the payment.

You can make the payment of tax by visiting the bank’s authorized branch or through net banking. The acknowledgment will be generated after you make the payment. Upon filling in the relevant details of acknowledgment even on a later date, you can generate or get a 26QB form that was submitted.

The taxpayers have to fill an online 26QB form to make online tax payments through the e-tax payment option. If the property transaction involves more than one party as a buyer or seller, then the 26QB Form needs to be filled by every buyer for a unique buyer-seller combination.

After paying tax, Form 16B (Certificate of TDS to be given by the buyer to seller) can be downloaded through the official website (link given below)

If the buyer faces any issue during online form filling, then they can call the customer support team of TIN at 020 27218080.

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This is how to make payment of TDS on sale of property.