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TDS UNDER SECTION 194IA FOR FLAT PURCHASE

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MEENA VIVEK

MANAGER

205 Points Posted on 15 April 2022

I have purchased a flat from a domestic company in this financial year (31-03-2023). It's Value around Rs 1.50/ Crore and I have deducted TDS under section 194IA @ 1 % from the consideration amount and paid through Form 26QB.Kindly Clarify Form No:16B to be issued by me or seller to take from traces login account if I am responsible person to issue Form no:16B than how to download and issue Form No:16B to seller . Kindly guide me.

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Quick Summary

This discussion clarifies the process of deducting Tax Deducted at Source (TDS) under Section 194IA when purchasing a flat. The buyer, having deducted TDS at 1% on a flat valued at Rs 1.50 Crore, needs to issue Form 16B to the seller. The process involves logging into TRACES, navigating to the downloads section, and requesting Form 16B using the seller's PAN and acknowledgement number from Form 26QB.

Subhani Mulla

Article assistant

51 Points Posted on 15 April 2022

First u need to have the traces login after login go to downloads under menu tab select the form 16b and enter the assessment year , Acknowledgement number , pan of the selller and proceed
A Confirmation screen willl appear click on "submit request" to proceed
a success message on submission of download request will appear please note the request number to search for the download request
click on 'requested downloads' to download the fom 16B
search for that request with requested number select thre request row and click on "Http download" button