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Tds on sale of property

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(Querist)
08 December 2015 Sale Value of Property Rs 7,00,000/-
Purchase value Rs 63,00,000/-
Profit Rs 7,00,000/=
Some one has told me that the Tds @ 1% Rs 70,000 shall be cut down on account of TDS but how to pay TDS as I dont have TAN Please guide me and oblgie
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
08 December 2015 The buyer need not require TAN. 1% tax to deduct by the buyer. Challan cum statement (form 26QB) has to be e-filed by the buyer.
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CA CS Jainam Shah

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CA CS Jainam Shah (Expert)
09 December 2015 Yes you have to deduct and pay TDS @ 1% of total consideration. You need not required to have TAN for payment of TDS. You should go to following link and fill the form 26QB.

https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

If you find any query there then you can contact me @ca.jainam@gmail.com
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