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TDS on Multiple BUYER and Multiple SELLER |TDS on Property with Form 26QB Filing | TDS on Multiple BUYER and SELLER |TDS ON PROPERTY PURCHASE

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TDS on Property Transactions in India

Welcome & Introduction

What is TDS?

Explain the concept of Tax Deducted at Source (TDS).
Purpose of TDS: to collect tax at the source of income.
Main Content
1. Legal Framework
Section 194-IA of the Income Tax Act, 1961
Applicability: Applies to transactions where the sale consideration exceeds ₹50 lakh.
Introduced in the Finance Act, 2013.

2. TDS Rate
Rate of TDS: 1% on the sale consideration of the property.
Note: If the seller does not provide a PAN, TDS is deducted at 20%.

3. Who is Responsible for Deducting TDS?
The buyer is responsible for deducting TDS.
Explain the process briefly: Buyer deducts TDS, deposits it with the government, and issues Form 16B to the seller.

4. Steps for Deducting and Depositing TDS
Step-by-Step Guide:
Collect PAN of the seller.
Calculate the amount to be deducted (1% of the total sale consideration).
Fill out Form 26QB (TDS Payment Challan) online on the TIN NSDL website.
Deposit the TDS amount within 30 days from the end of the month in which TDS is deducted.
Download and provide Form 16B to the seller.

5. Form 26QB and Form 16B
Explain what these forms are:
Form 26QB: A challan-cum-statement for TDS on property.
Form 16B: The TDS certificate to be issued by the buyer to the seller.
Importance of these forms in compliance.

6. Exemptions and Special Cases
Properties below ₹50 lakh are exempt from TDS.

7. Consequences of Non-Compliance
Penalties for failing to deduct or deposit TDS.
Interest on late payment of TDS.
Disallowance of property expenses for the buyer.





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