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TDS on Property

Under 'TDS on sale of property', click on "Online form for furnishing TDS on property - From 26QB

According to the Income Tax Act, 1961, Tax Deducted at Source (TDS) is a means of indirect tax collection by Indian authorities. It is managed by the Central Board of Direct taxes (CBDT) and that comes under the Indian Revenue Services (IRS). TDS on property was introduced by P. Chidambaram, the then Finance Minister of India. This rule has been in effect since June 1, 2013. As per the section 194IA, 1% TDS on Property will be levied if the property transaction amount is more than Rs. 50 Lakhs. This TDS will be levied on all types of property transactions except Agricultural land.


How to file TDS on the Sale of Property ?

1. Log on to TIN NSDL website​ ( www.tin-nsdl.com ).
2. Under 'TDS on sale of property', click on "Online form for furnishing TDS on property (Form 26QB)".
3. Select the applicable challan as "TDS on Sale of Property".
4. Fill the complete form as applicable.

(User should be ready with the following information while filling the form 26QB :
* PAN of the seller & buyer
* Communication details of seller & buyer
* Property details
* Amount paid/credited & tax deposit details

5. Submit the duly filled form to proceed. ​A confirmation screen appears. After confirming, a screen appears showing two buttons as "Print Form 26QB" and "Submit to the bank". A unique acknowledgement number is also displayed on the screen. It is advisable to save this acknowledgment number for future use.

​​Click on "Print Form 26QB" to print the form. Then click on "Submit to the bank" to make the required payment online through internet banking. Then proceed to the payment page through internet banking facility of various banks. For list of authorized banks, please refer https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

6. On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment​ being made.

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