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Form 26QB - NEFT Payment Delay - Date of Payment / Credit made to seller and Date of deduction

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Praveen Kumar

Implementation Manager

35 Points Posted on 01 May 2024

Dear Sir/Ma'am,

As a buyer of flat with over 50Lak total consideration , I put an NEFT transfer request with Bank on Apr 30 and so amount gets deducted from my account same day but it got transferred to the builder actually on May 1 ( 1 AM IST ), then what should be filled in form 26QB (for a property purchase over 50Lac)

( i ) Date of Payment / Credit made to seller

and

( ii ) Date of deduction ( though I noticed that it gets auto populated same as Date of Payment/Credit to seller)

Please advise. Thanks.

Replies (3)

Quick Summary

This discussion addresses a common query regarding Form 26QB for property purchases exceeding 50 Lakhs, specifically when NEFT payment transfers experience a delay. The user made an NEFT transfer request on April 30th, with funds deducted from their account the same day, but the builder received the credit on May 1st. The core question is which date to use for 'Date of Payment/Credit made to seller' and 'Date of deduction' on Form 26QB. The consensus leans towards using the date the amount was deducted from the buyer's account.