TDS on sale of property

From June 1st 2013, when a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs 50lakhs, he has to deduct TDS when he pays the seller. This has been laid out in Section 194-IA of the Income Tax Act.

 

form26q what is that

26Q is form under which TDS on other than salary is to recoreded. & for TDs on House property is to be filed in form 26QB

how to file form26Q
property is the name of me and my brother

you dont need to file 26QB because your property value is less than 50 lac

 

ok,
can you please tell me , if the value is Rs.65lakh, what should I do, (details)

Since the considerqtion is more than 50 Lakhs one needs to deduct 1% of amount paid on every payment whether lumpsum or instalment. Form 26QB has to filled with details of PAN of both seller and buyer along with sale consideration, address of property and then generate an Acknowledge number using one cqn deposit the TDS. Secondly one needs to register on Traces portal and request for TDS Form 16 using qcknowledgement number which can be downloaded within 3 days and give it to the seller as tds ceedit.

I hope you follow the steps.

thanks Rahim, it will help me