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namavaram (jr accountant) (76 Points)

10 May 2017

what is the meaning of form 16 b ..pls give me a small exampel

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sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 10 May 2017

you are asking Form 16B in Income tax Act it is the TDS Certificate given by buyer to seller for having deposited tax while buying house property if value is more than 50 lacs

manoj (student) (5205 Points)
Replied 10 May 2017

Form 16B which is a TDC certificate reflects the amount that has been deducted as TDS on property that has been deposited by the buyer with the Income Tax Department. Buyer is required to deduct TDS on property at the time of sale of the immovable property. The TDS is deducted at 1% from the amount that the buyer has to pay the seller. That amount is then to be deposited with the Income Tax Department.