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Tds u/s 194ia

DILIP MONDAL (accountant) (32 Points)

20 May 2016

If a person sale a property for Rs.1 crore .How can he deduct TDS without obtaining TAN.

PLZ tell me the detail procedure deducting TDS under this section.

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10 Replies

Shubham Gupta (Business Consultants) (2077 Points)
Replied 20 May 2016

GOVERMENT has removed the obligation to obtain TAN in case of 194ia..

when filling challan simply use tds on sale of immovable property.

and deposit online or through bank challan

Harshad Kanekar (Taxation and Accounts Executive) (314 Points)
Replied 20 May 2016

Sir,

Then How will the Return gets filed?

Vishal Goel (Chartered Accountant) (1688 Points)
Replied 20 May 2016

Yes, TAN is not required.

As per sub-section(3) to Section 194IA which states that a person deducting TDS on Property is not mandatory required to possess a TAN No.

Vishal Goel (Chartered Accountant) (1688 Points)
Replied 20 May 2016

Hello @ Harshad

As per Notification No. 39 dated 31st May 2013, the TDS deducted by the buyer at the time of making the payment to the seller has to be deposited within a period of 7 days from the end of the month in which the deduction has been made. All details regarding the transaction and TDS on Property are required to be furnished in Form 26QB and this Form 26QB is required to be submitted at the time of payment. Details in this form cannot be furnished manually.

After depositing the TDS, the buyer of the property would also be required to issue Form 16B to the Seller of the property in respect of the TDS deducted and deposited with the govt.

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