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Filing & Payment Requirements for TDS on Property 26QB

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Filing & Payment Requirements for TDS on Property 26QB, Filing and Payment Requirements of Form 26QB. You might be aware of the obligations to be completed while transferring the properties from one person to another. Out of which some of them are stamp duty to be paid, sale deed to be prepared and registered, TDS to be deducted and to be deposited to government, filing of Form 26QB and many others. We would today know about the Form 26QB and other taxability related issues. The tax to be deducted is not on all the individuals but is subject to some terms and conditions. They have mentioned in detail in the below article. Now check more details about “TDS on Property 26QB” from below….

Filing & Payment Requirements for TDS on Property 26QB

While transferring the property from one person to other, the buyer or the investor needs to deduct the amount from the amount to be paid to seller or the builder and needs to deposit it to government. But it is not applicable for all. The conditions for the same are, that if the proceeds for the property are more than or equal to Rs. 50 Lakh, than 1% TDS needs to be deducted and deposited.

Here the person is not required to obtain the TAN number as the payment would be made on the based of PAN number. In the form, it would be directly paid through the information of PAN of buyer and the seller. There is also another confusion that if the property value is more than Rs. 50 Lakhs than it should be deducted on the total amount or the total amount. The answer to the above confusion is it should be deducted on the total amount.

There are two options available for the payment of Form 26QB.

TDS on Property 26QB

Option 1 – Direct Option

  1. Visit the following website https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
  2. Click on the link under name “Form 26QB”, which is for TDS on Sale of Property.
  3. Then the full screen of Form 26QB will appear and you need to fill up all the details.
  4. Detailed required are PAN number, Name of Seller and Buyer, Complete Address, Type of Property (Land or Building) and other details.
  5. You would be given option to pay the TDS either online or through bank branch. Any of the above can be chosen by selecting the option under “Mode of Payment”.
  6. You need to verify the same and then submit the form.

Option 2 – Other option

  1. In the second option, you need to visit the TIN NSDL website and log in.
  2. You need to click on the link, online form for furnishing Form for TDS on property. In that select TDS on sale of property and fill all the relevant details as mentioned above.
  3. After confirming the same, press the submit button and then you would be prompted with two buttons – Print Form 26QB & Submit to bank.
  4. You need to click on Print Form 26QB and save or print the form wherever you want. Afterwards you need to click the Submit to bank.
  5. After the payment is completed, challans would be generated which would be acting as proof that the payment is made.

Downloading Form 16B for TDS on Property

  1. First of you need to register to the TRACES website, as a taxpayer with PAN.
  2. Under the Download options, select Form 16B.
  3. Enter all details regarding the paid TDS on property and select Proceed option.
  4. Where you would be again asked to confirm the same. Click Submit Request.
  5. You are now done for the request to download.
  6. After that, click on Requested Downloads, where you would find the file for download.
  7. But the file would be available for download after few days. Click on the HTTP download option and file would be downloaded.

If you have any query regarding “TDS on Property 26QB” then please post your query via below comment box…

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About Yash Shah

Yash Shah is passionate article writer and has written more than 100 articles in the field of Finance, Insurance, Stock Market, Company Law, Auditing, Taxation and many others. In case of any queries or suggestions, you can reach the author @ [email protected], you can also catch him on facebook @ yashshah299

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