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Income Tax: If you are buying a property worth more than 50 lakhs, then it is necessary to deduct TDS

If you are buying a property such as real estate or any other immovable property above Rs 50 lakh, then it is necessary to deduct TDS on it. Income Tax rules say that 1 percent of the total amount of sales should be deducted as TDS. This money should be deposited in the Income Tax Department. This work can be completely online, for which some steps have to be followed.

For this work you have to go to the official website of Income Tax Department. By following the instructions given there, you can see all the rules related to TDS and can also deposit accordingly.

Property buyer can do TDS transaction online. For this he has to go to www.tin-nsdl.com. All information from purchase and TDS is given on this website. After giving all the details of the transaction, the buyer has two options.

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Payment of tax through net banking or any authorized bank branch –

Go to the Income Tax website and click on the Services tab. Here you will see TDS on sale of property written on which you have to click. After this click on Online form for furnishing TDS on property (Form 26QB). A form will appear in this on which you have to click. In this form, you will have to give information about the property, sale, PAN number of the buyer and seller.

What will happen if Form 26QB is not filled

If the buyer does not fill Form 26QB online within 7 days from the end of the month in which TDS has been deducted, then the buyer will have to pay some amount as penalty.

Keep these things in mind –

The buyer of the property is not required to obtain a Tax Deduction Account Number (TAN) but only the PAN of the buyer and seller.

It is important to take the seller’s PAN and verify it with the original PAN so that there is no mistake later.

Fill the online form carefully as there is no online system for correction. For any correction in this, a request has to be sent to the Income Tax Department.

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