How to File TDS on The Sale of Property Online

1 / 1 – How to File TDS on The Sale of Property Online

How to File TDS on The Sale of Property Online: How to pay TDS on the sale property Online full details here, From June first, 2016, when a purchaser purchases relentless property (i.e. a building or part of a building or any land other than agrarian land) costing more than Rs 50lakhs, he needs to deduct TDS when he pays the vendor. This has been laid out in Section 194-IA of the Income Tax Act. To discover what qualifies as rural land click here.

How to file TDS on the sale property Online

Here are the necessities of this segment:

The purchaser needs to deduct TDS at 1% of the aggregate deal thought. Take note of that the purchaser is required to deduct TDS, not the dealer.

No TDS is deducted if deal thought is not as much as Rs 50lakhs. In the event that portions are being paid TDS must be deducted from every portion.

Assessment is to be paid on the whole deal sum. For instance, on the off chance that you have purchased a house at Rs 55lakh, you need to pay to assess on Rs 55lakh and not on Rs 5lakh (i.e. Rs 55lakh – Rs 50lakh). This is material notwithstanding when there is more than 1 purchaser or dealer.

On the off chance that you are the purchaser, you don’t have to get a TAN (Tax Deduction Account Number) number.

On the off chance that you are the merchant, you need to give your PAN or else TDS is deducted at 20%. Skillet of the purchaser is additionally compulsory. TDS is deducted at the season of instalment or at the season of offering credit to the merchant, whichever is prior.

This TDS must be kept alongside Form 26QB inside 7 days from the end of the month on which TDS was deducted.

In the wake of keeping TDS to the legislature, the purchaser is required to outfit the TDS declaration to the vendor. This is accessible around 10-15 days in the wake of saving the TDS.

Consequently, to pay TDS the vendor is required to get Form 16B and the purchaser is required to acquire Form 26QB.

The means to pay TDS and to get Form 16B (for the vendor) or Form 26QB (for the purchaser) are as per the following:
Step 1: Payment through Challan 26QB (Online and Offline)
Go to

Tap on Form 26QB and select 0020 on the off chance that you are the corporate player and 0021 in the event that you are a non-corporate payer. Fill in all the essential subtle elements.

There are 2 methods of instalment at the base of the page: e-assess instalment quickly (through net keeping money office) and e-charge instalment on the resulting date (e-installment of expenses by going by any of the Bank offices). Pick the one which you lean toward and tap on Proceed.

On the off chance that you pick net-saving money, you will have the capacity to log in to your bank and pay on the web. After you have paid, the bank gives you a chance to print Challan 280 with a tick on 800 (i.e. instalment of TDS on an offer of property). Print this out and keep it securely.

On the off chance that you can’t pay on the web, an online receipt for Form 26QB with an interesting Acknowledgement Number is produced for you. This is substantial for 10 days after era. You can take this to one of the approved banks alongside your check. The bank will continue with the online instalment and produce your challan.
Step 2: Generation of Form 16B or Form 26QB

In the event that you are a first-time client, enrol on TRACES as a Tax Payer with your PAN Card Number and the Challan number enlisted amid instalment.

When you enlist, whether you are a vendor or a purchaser, you will have the capacity to get your endorsed Form 16B or Form 26QB. Check your Form 26AS seven days after instalment. You will see that your instalment is reflected in Part Funder “Subtle elements of Tax Deducted at Source on Sale of Immoveable Property u/s 194(IA) [For Buyer of Property]”.

This gives you subtle elements, for example, TDS endorsement number (which TRACES produces), name and PAN of deductee, exchange date, and sum, affirmation number (which is the same as the one on your Form 26QB), date of the store and TDS kept.
Step 3: Download your Form 26QB or Form 16B

After your instalment in Form 26AS has been reflected, login to TRACES. Go to the Download tab at the tab and tap on Application for Request of Form 16B. For Form, 26QB tap on Application for Request of Form 26QB. To complete this procedure, fill in your 9-digit affirmation number and the points of interest in Part F of your Form 26AS. This will create an application ask for the number and give you an application.

Following a couple of hours, your demand will be prepared. Tap on the Downloads tab and select Requested Downloads from the drop-down menu.

You ought to have the capacity to see that the status of your Form 16B or Form 26QB download demand is Available. On the off chance that the status says Submitted sit tight for a couple of hours more before rehashing the last stride. Download the .compress record. The secret key to open the .compress document is Date of Birth of Deductor (the arrangement is DDMMYYYY). Your shape will be accessible inside the .compress record as a pdf. Print this out.


Please enter your comment!
Please enter your name here