3 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 25 January 2021
Typically, Form 16B is a TDS certificate that is issued by a purchaser, i.e. a deductor to a seller. It helps taxpayers to verify the total amount of tax deducted at source while purchasing a property. The said tax amount is deposited with the Income Tax by the deductor. In simple words, Form 16B is a certificate that details the total TDS deducted in case of a property sale.
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 25 January 2021
Form 16B is one of the TDS certificates to be issued by the deductor under Income-tax Act, 1961 to the deductee in respect of TDS deposited to Government.
Kapadia Pravin
(17259 Points)
Replied 26 January 2021
Form 16B: The TDS Certificate for Sale of Property
Form 16B certifies that the tax has been deducted at source on the income earned from the sale of immovable property (building or a part of it/land) other than agricultural land, and the TDS has been deposited by the property buyer with the Income Tax department.
Form 16B certifies that the tax has been deducted at source on the income earned from the sale of immovable property (building or a part of it/land) other than agricultural land, and the TDS has been deposited by the property buyer with the Income Tax department.
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