TDS ON PROPERTY PURCHASE BY RESIDENTS : REQUIREMENTS FOR TDS PAYMENT

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TDS on Immovable Property Purchase for Residents
TDS is mandatorily required to be paid on purchase of immovable property from the RESIDENT if value of such property is more than Rs. 50,00,000/-

  • TDS RATE : 1% ON THE AGREEMENT VALUE OR STAMP DUTY VALUE whichever is Higher. 

  • This provison is applicable only if the seller is RESIDENT in India. If seller is NRI, this provison is not applicable.

  • TAN is not required.
     
  • Due Date : The due date of payment of TDS on transfer of immovable property is 30 days from end of the month in which the deduction is made.

  • If Seller's PAN is NOT LINKED with his/her Aadhaar at the time of payment, TDS @ 20% should be paid instead of 1%.

Check list for TDS payment in Form 26QB. 

🔹Seller's Details (Transferor) 

Note : If more than 1 seller, details of all sellers is required

👉 Full Name and Full Address with PIN code 

👉 PAN (PAN should be registered with IT Portal-Mandatory) 

👉 Share in the property, if more than 1 seller

👉 Email ID 

👉 Telephone No. or Mobile No.

🔹Buyer's Details (Transferee) 

Note : If more than 1 buyer, details of all sellers is required

👉 Full Name and Full Address with PIN code 

👉 PAN (PAN should be registered with IT Portal-Mandatory) 

👉 Share in the property, if more than 1 seller

👉 Email ID 

👉 Telephone No. or Mobile No.

🔹 Property Details

👉 Agreement Value

👉 Stamp Duty Value

👉 Complete Address of the Property with Pin Code

👉 Agreement Date  or  Booking Date  or  Payment Date

🔹 Other Details

👉 More than 1 Buyer ? (YES / NO)

👉 More than 1 Seller ? (YES / NO)

👉 Payment Type : (LUMPSUM / INSTALLMENT)

In case any help required, please feel free to call us on 022-3550 7291  between 9.30 am to 9.30 pm (Monday to Saturday). Also you can reach us on 9930851525 and email  at ashokhegde@mkconsultancy.net


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