It is very important to pay taxes on time. I sold out our 2 BHK a few years ago and was not aware which was the TDS on sale of property challan. I contacted my lawyer to inquire about it, and learned that I would need to file the 26QB and 16B challans in the TDS portal. These forms reflect that the TDS amount deducted on property by the buyer has been deposited with the Income Tax Department. So do not get confused about which challans are used for TDS on the sale of property.
What is Form 26QB and who files it?Form 26 QB is a return challan form or a proof to show the payment of TDS. The buyer of the property needs to file TDS returns on Form 26QB. To file TDS, both the buyer and seller will need their respective PAN details.
Here is how you can file it-
Visit the
TDS portal
Go to TDS on sale of property option available on the left-hand side
Click on Online form for furnishing TDS on the property (Form 26QB)
Select TDS on sale of Property
Provide the details like PAN of buyer and seller, property details, the amount paid and more
Submit the form
Your acknowledgement number will be displayed next so save it
Click on Print Form 26QB
Click on Submit to the bank and make the payment as required
After the payment is done, save the challan
Form 16B is the TDS certificate that the buyer needs to issue to the seller in respect of the taxes deducted and deposited with the government.
How to file 16B challan?Certain steps need to be followed to fill out Form 16B. Let me help you all with them-
At first register and login on the
TRACES
portal
Select Form 16B under the downloads tab
Provide all the details about the property- assessment year, acknowledgement number, PAN of seller and more
Click on Proceed
Click on Submit Request next
A successful message will appear along with the request number
Note the request number and click on Requested downloads
Your Form 16B filing will be completed
So both 26QB and 16B challans are to be filed after a property is sold, and these steps are the answer to the TDS on sale of property challan that needs to be filed.
Make investment decisions wisely. Consult with NoBroker’s legal experts
Read More:How to Download Form 26QB?
How to fill Form 26QB?
How to download form 16B TDS on property?
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Which Challan is Used for TDS on Sale of Property?
Piyali
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1
2 Year
2023-05-23T09:30:52+00:00 2023-05-23T11:17:15+00:00Comment
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