Thanks a lot for the quick response and guidance. In this case seller is moving out of India and would be converted into NRI. He was in India from April to January. This won't change anything on the above guidance?
You have to fill Form 26QB..Form 26QB is a return cum challan for payment of TDS to the Government which shall be furnished electronically for tax deducted under Section 194-IA. Due date: Form 26QB shall be furnished within 30 days from the end of the month in which deduction is made. For eg: if payment/credit is made on 16th April, Form 26QB shall be furnished by 30th May....After that you have to issue form 16B to deductee ...it is a proof of tds deposite to government treasury..
Thanks a lot experts for your inputs. One last follow up query. If seller was having 75%bank loan and buyer is also having bank loan on 75 %of the value. That way direct buyer to seller transaction is less than 50L. Rest of the transaction is bank to bank. Original documents with the bank only. Still TDS need to be paid on sale deed amount as mentioned in previous replies. No change in the scenario?