Income Tax

TDS on Property Transfer

The Finance Act 2013-14 introduced TDS on Payment on transfer of certain immovable property other than agricultural land at the rate of 1% where the consideration for the transfer of an immovable property is Rs.50 Lakhs or above u/s 194IA.

  • All details regarding the transaction and TDS on Property are required to be furnished in form 26QBand this Form 26QB is required to be submitted at the time of payment.
  • After depositing the TDS, the buyer of the property would also be required to issue Form 16B to the Seller of the property in respect of the TDS deducted and deposited with the government.

Tags :, #TDS, #TDS-on-Property-Transfer

Categories: Income Tax, TDS

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