There are a lot of payments and duties which must be paid when you are purchasing a property. Similarly, while purchasing a property, you have to take TDS into consideration to pay to the government if the transaction exceeds Rs. 50 lakhs. But how to pay TDS on property purchase. I will talk about it in this answer. The tax payable is at the rate of 1% from consideration payable to resident transferor. The buyer deducts the TDS and deposits it to the government by following the steps given below.How to pay TDS on purchase property?Paying TDS on purchase of property is actually very easy if done online. Here is how to pay TDS on purchase of property.
Search for the ‘TDS on Property (Form 26QB)’ and click on Proceed tab.
Enter details like, Taxpayer information (tax applicable, financial year, assessment year, type of payment, status of payee/seller, category of PAN number, Name, and permanent account number), complete address details, and property details.
The payment can be done online via e-challan or you can visit the bank to make payment.
What happens if you fail to pay the TDS statement?If an individual fails to pay the TDS on property purchase then a fee will be levied. The liability is decided as a sum of Rs. 200 for every day till the time failure continues.
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How to pay TDS on property purchase?
Shivangi Thakurani
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May 5, 2021
2021-05-05T15:26:06+00:00 2021-12-09T11:29:54+00:00Comment
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