CA CMA Sagar Jaiswal
Quick Summary
As per section 194 IA of Income tax Act, 1961, TDS is applicable on sale of immovable property, if the consideration of property exceeds or equal to Rs. 50,00,000/- (Rs. Fifty lakhs). The rate of tax under the above section is 1% which is to be deducted and need to be deposited by buyer. Steps to
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FAQ :
TDS is applicable on the sale of immovable property as per Section 194-IA of the Income Tax Act, 1961, if the consideration for the property is £50,00,000 (Fifty Lakhs) or more.
The buyer is responsible for deducting TDS at a rate of 1% of the total sale consideration and depositing it with the government.
The rate of TDS on the sale of property under Section 194-IA is 1% of the total sale consideration.
TDS on property sale should be deposited using Form 26QB, which is a challan cum return form. The filing process has been migrated to the Income Tax Department's new e-filing portal ('e-Pay Tax' section).
The tax must be deposited within 30 days from the end of the month in which the deduction has been made.
After payment, a TDS certificate (Form 16B) can be downloaded from the TRACES portal using the acknowledgement number generated upon successful filing of Form 26QB.
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