Form 26QB : TDS on Property Purchase Above 50 lac | Immovable Property | Penalty | Interest |

Описание: Form 26QB : TDS on Property Purchase Above 50 lac | Immovable Property


Form 26QB is mandatory for reporting and paying the Tax Deducted at Source (TDS) when purchasing immovable property with a sale consideration of ₹50 lakh or more. The buyer is responsible for deducting and depositing this TDS.

Key Details
Threshold: The requirement applies if the total property value is ₹50 lakhs or above. If the value is below this amount, no TDS deduction is necessary.

Rate: The TDS rate is 1% of the total sale consideration. This is calculated on the entire amount (e.g., if the property is ₹60 lakh, TDS is on the full ₹60 lakh, not just the ₹10 lakh exceeding the threshold).

Buyer's Responsibility: The buyer must deduct the TDS at the time of payment (whether in lump sum or installments) to the seller.

Filing Form 26QB: The buyer must file Form 26QB, which is a challan-cum-statement, online through the Income Tax Department's portal within 30 days from the end of the month in which the TDS was deducted.

PAN is Mandatory: The Permanent Account Number (PAN) of both the buyer and the seller must be provided in Form 26QB. Without the seller's PAN, TDS must be deducted at a higher rate of 20%.

Form 16B: After depositing the TDS and filing Form 26QB, the buyer must download and issue Form 16B (TDS certificate) to the seller as proof of the tax deduction.

Exclusions: This rule does not apply to the purchase of agricultural land.

Failure to comply with these requirements can result in penalties and interest charges for the buyer.





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