How to get form 16b and 26qb for tds on immovable property


M.com,CS,CA F Tushar Sampat (M.com CS,CA F)     18 September 2013

M.com,CS,CA F Tushar Sampat
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From June 2013, purchaser of property with value of Rs50 lakh and above should deduct 1% TDS at the time of making payment. Here is the guide about making payments of TDS and obtaining form 16B for the buyer and form 26QB for the seller.

I would like to run the readers through the TDS payment process and the steps to be taken to obtain Form 16B (for the deductor or buyer) and Form 26QB for the (seller or deductee).

Firstly one has to go to the following link:

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

  •  Once this link is opened click on Form 26QB (Payment of TDS on sale of property).
  • Select (0021) in case of non corporate payer and 0020 in case of corporate payer.
  • On filling in the various details called for in that form, click on ‘Proceed’ at the bottom of the page, this will then take you to the next page, which will give you the option to select your bank.
  • Once you select the bank, then login using the normal online process for your bank.
  • Once the payment is made the bank will let you print challan 280 with a tick on (800), which is payment of TDS on sale of property.
  • Take a printout of the challan and keep the same for your records and for the builder/seller if required.

This is the first phase of the process. Once this is completed one has to wait for seven days for the details to be reflected on TRACES web site – https://www.tdscpc.gov.in/. As a first time user, you will have to register on this website. Once you register whether as seller or buyer, you will be able to obtain the Form 16B or 26QB which has been approved and is reflected against your PAN in your Form 26AS.

Check Form 26 AS after seven days and you will notice that the payment you had effected against TDS on sale of property is reflected in Part F of the Form 26 AS under ‘Details of Tax Deducted at Source on Sale of Immoveable Property u/s 194(IA) [For Buyer of Property]. This will give you details such as the TDS certificate number (generated by TRACES), name of deductee, PAN of deductee, acknowledgement number, total transaction amount, transaction date, TDS deposited, date of deposit, status of booking and date of booking.

Once the payment is reflected in 26AS as above, you will have to go to the TRACES again. Login to the website, and click on ‘Downloads’ tab. In the dropdown menu click on ‘requested downloads’. If no application has been made you will be asked to make a request for download, here fill in the acknowledgment number (nine digit number) which is reflected on Form 26AS Part F as mentioned above. Once this is done, you will be able to view the status of your application, which generates an application request number.

Within a couple of hours, the application gets processed and you will be able to view your Form 16B by putting in the request number which you have obtained. You can take a printout of the same for your records as well as for handing over to the seller of the property. A similar process has to be followed by the seller to obtain form 26QB.

The entire process is system driven and works very smooth

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Hardik Dave (IPCC and CS Professional(FINAL) Student)     18 September 2013

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Thanku for sharing bhai.smile. Keep sharing.

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Rahul Bansal (Finalist)     18 September 2013

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Bahut Khoob............tnx 4 sharing.........awesome post

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M.com,CS,CA F Tushar Sampat (M.com CS,CA F)     19 September 2013

M.com,CS,CA F Tushar Sampat
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Thanks Hardik and Rahul Bhai for your wonderful words.yes

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Mihir (Wealth Manager)     19 September 2013

Mihir
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This is easy-to-understand information. Thanks Mr. Sampat.

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M.com,CS,CA F Tushar Sampat (M.com CS,CA F)     19 September 2013

M.com,CS,CA F Tushar Sampat
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Thanks for the appreciation Mr.Mihir.yes

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Pallav Singhania (❤ Work Hard Party Harder ❤)     19 September 2013

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Thanks for the Info Tushar Ji...

Thanks for sharing...

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M.com,CS,CA F Tushar Sampat (M.com CS,CA F)     21 September 2013

M.com,CS,CA F Tushar Sampat
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Thanks Aryan for your appreciation yes

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Simple.. clean and precise.. Thanks for sharing sir ji..!!!

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Venkat J (Project Manager)     13 July 2014

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Thank you for the information Mr. Sampat. 

One quick question -- Does a buyer enter the TDS amount paid for immovable property, at the time of filing income taxes also ? i.e would this TDS amount qualify as total tds paid to the government and hence taken into consideration along with any TDS on salaried income and interest income ?

I wouldnt think so, given it is a seperate, complete transaction by itself but just wanted to check before filing my ITR-1.

Thank you in advance.


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