Payment of tax on sale of immovable property

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ajay (Querist)
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15 June 2013 namaskar ji,

as per recent amendment sec 194i states that on sale of property of 50 lacs or more,the seller has to deduct tax @ 1% and deposit it elecctronically.

now my question is that are there any counters provided in the banks for depositing tax electronically or we have to deposit the tax online by our personal accounts electronically.

CA Kapil Verma

CA Kapil Verma (Expert)
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15 June 2013 yes you can pay challan in cash directly to bank. through challan cum statement no 26QB

ajay

ajay (Querist)
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15 June 2013 ok that means its not a compulsion to electronic transfer tax from a net banking a/c of an individual or a company or firm .

and if we deposit it through challan cum statement no.26qb it would be deemed to be deposited electronically.

is it so?

thanks

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CA Kapil Verma

CA Kapil Verma (Expert)
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15 June 2013 yes, for sure

ajay

ajay (Querist)
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15 June 2013 thanks for your kindness.