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Tax deducted at source

Anil Kumar Singh (9 Points)

25 January 2021

What is form no. 16B

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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.

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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.

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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.