21 December 2013
My client has purchased property of Rs.1 Crore.What is the procedure for TDS Deductions & which challan is applicable & where it is to be deposited.Please guide.
Yes TDS is payable on transaction of Property Purchased for Rs. 50 lacs or more. S/194IA.
As the responsibility of deducting TDS on immovable property lies with the buyer, he/she will have to deposit the payment by filling up Form 26QB or “TDS on sale of property” form available at NSDL-TIN website.
Once a buyer makes a payment, he/she can download Form 16B from website of Centralized Processing Cell of TDS (CPC-TDS).
The buyer will be responsible to give the certificate of TDS in Form 16B to the seller within 15 days from the due date of submission of the “challan”. The seller will be thus enabled to claim credit for such TDS against tax liability.