TDS on Sale of Property

TDS on Sale of Property

1. What is TDS on property?
The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor

2. Who is responsible to deduct the TDS on sale of Property?
According to rules in respect of tax deducted at source, buyer of the property would have to deduct the TDS and deposit the same in Government treasury.

3. I am Buyer, do I required to procure TAN to report the TDS on sale of Property?
Buyer or Purchaser of the property is not required to procure Tax Deduction Account Number (TAN). The Buyer is required quote his or her PAN and sellers PAN.

4. What are the forms to be used for filing annual/quarterly TDS/TCS returns?
PAN of the seller is mandatory. The same may be acquired from the Seller before effecting the transaction.

5. How can I use this facility to pay TDS on sale of Property?
The Buyer of the property (deductor of tax) has to furnish information regarding the transaction online on the TIN website. After successfully providing details of transaction deductor can:

  • Either make the payment online (through e-tax payment option) immediately;
  • Or make the payment subsequently through e-tax payment option (net-banking account) or by visiting any of the authorized Bank branches. However, such bank branches will make e-payment without digitization of any challan. The bank will get the challan details from the online form filled on

6. If I encounter any error on NSDL site while entering the online form details what should I do?
If any problem is encountered at the NSDL website while entering details in the online form then contact the TIN Call Center at 020 – 27218080 or write to us at (Please indicate the subject of the mail as Online Payment of Direct Tax).

7. What is Form 26QB?
The online form available on the TIN website for furnishing information regarding TDS on property is termed as
Form 26QB…Read more>>