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Overview Form 26QB is a challan-sum-statement used to pay TDS while purchasing an immovable property in India. A buyers must deduct TDS at 1% only if the value for transactions exceeds Rs.50 lakh and file it within 30 days from the end of the month in which TDS is deducted, using their PAN and i
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Form 26QB is used to pay TDS (Tax Deducted at Source) on the sale of immovable property under Section 194-IA of the Income Tax Act, 1961.
The buyer is responsible for deducting 1% TDS from the seller's payment and depositing it with the government if the property value exceeds ₹50 lakh.
Form 26QB must be filed and the TDS paid within 30 days from the end of the month in which the TDS was deducted.
No, a TAN is not required to file Form 26QB. Only the PAN details of both the buyer and seller are sufficient.
Form 16B is the TDS certificate that the buyer must issue to the seller as proof of TDS payment. It should be issued within 15 days of paying the TDS.
Yes, TDS deduction is not applicable on the purchase of agricultural land.
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