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Tds on sale of property

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This query is : Resolved

TARIQUE RIZVI (Querist)
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08 December 2015 Sale Value of Property Rs 70,00,000 Purchase value Rs 63,00,000/-
Profit Rs 7,00,000/=

Some one has told me that the Tds @ 1% Rs 70,00,000/= 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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Nikhil Kaushik

Nikhil Kaushik (Expert)
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08 December 2015 tax is to be deducted from gross payment by the buyer and deposited against his PAN.

CA CS Jainam Shah

CA CS Jainam Shah (Expert)
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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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