TDS on Sale of Property Return

TDS on Sale of Property Return

Get Filed Your TDS on sale of Property Retuen-

Starting with Rs 1299/-

What is TDS on sale of Property Return.

TDS on sale of property is required to be deducted while making payment by the buyer of the property when value of immovable property which is being sold  (other than rural agricultural land) is ₹ 50 lakh or more.

In This respect buyer should consider following points

1. Buyer of an immovable property (other than rural agricultural land) worth ₹ 50 lakh or more is required to deduct the TDS @ 1% of total sale consideration and deposit the same in Government treasury.

2. The buyer shall obtain the PAN of the seller.

3. Purchaser of the property is not required to procure Tax Deduction Account Number (TAN).

4.No TDS is required to be deducted if sale consideration is less than Rs50 lakh.If consideration exceeds Rs 50 lakh then buyer is required to deduct TDS on whole amount of property.

5. If consideration is paid in instalment, TDS is to be deducted on each instalment.

6. Seller has to provide his  PAN or otherwise TDS is deducted at 20%.

7.  The Buyer has to make payment of TDS along with form 26QB within thirty days (from existing seven days) from the end of the month in which the deduction is made.

8. The buyer is required to furnish the TDS certificate in form 16 B to the seller.