Tds on property

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Rachit (Querist)
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02 August 2013 Sec 194-IA requires purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more, to pay withholding tax at the rate of 1% from the consideration payable to / seller / transferor.

Form 16B is the TDS certificate to be issued by the deductor (Buyer of property) to the deductee (Seller of property) in respect of the taxes deducted and deposited into the Government Account..

Buyer or Purchaser of the property is not required to procure Tax Deduction Account Number (TAN).

Form 16B is required to be downloaded from the website of Centralized Processing Cell of TDS (CPC-TDS) www.tdscpc.gov.in.

Does anyone know the procedure of downloading this Form 16B from TRACES PORTAL?

Rupesh Jain

Rupesh Jain (Expert)
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02 August 2013 buyer will apply TAN then we file return and generate the certificate

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 August 2013 Form 16B is not the form for 194IA deduction.

TAN is not required.

Form 26QB is the challan cum TDS form.

Please visit tin-nsdl.com -->TDS on sale of property --> Form 26QB. Fill up. Upload. Take print out and submit to seller.

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