Pay TDS Online for Sale of Property

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TDS on Property Sale
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According to section 1941A, if a buyer buys
immovable property valuing more than 50 lakhs
rupees then he must deduct the TDS. Following the
deduction, The buyer needs to pay TDS to the
government. However, it is not applicable to
agricultural land. If you would like to discuss
your queries with Adroit Valuation tax
consultation reason for introduction of TDS on
the sale of property are usually under valuable
with a view to improving the reporting such a
transaction.  TDS on Property Sale to regulate
the real estate sector like computerization of
land records rule of main objective are not being
registered track all the high value real estate
transactions.
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Tax deducted on Property to be deposited and
Procedure for Deposit of TDS on Property Sale
with Govt.

• The Buyer of Property is required to deduct TDS
  on Property from the Purchase price of the
  property and deposit this TDS with the Income Tax
  Department. Form 26QB is required to be furnished
  mentioning all details which include
• PAN No. of the Buyer
• Address of the Buyer
• PAN No. of the Seller
• Residential Status of the Seller
• Address of the Seller
• Address of the Property transferred
• Date of Payment
• Amount Paid
• Date of Agreement
• Total Transaction Value

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Penalty for Delay in TDS Filing

• Buyer fails to deposit TDS amount to the
  Government

• Buyer fails to deduct TDS

• In case of failure to deduce TDS, a penalty of 1
  per month from the date on which tax was
  deductible is applicable
• When fails to deduct TDS 1 p.m. from the date
  tax was deductible to the date on which such tax
  is deducted.

• In case of failure to deposit TDS on Property
  Sale, a penalty of 1.5 per month from the date
  on which tax was collectable to the date of
  actual deposit is applicable.
• When fails to deposit TDS 1.5 p.m. from the
  date on which such tax is deducted to the date on
  which such tax is actually

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Information required for filing TDS online
Adroit Valuation

• 1. Buyer Buyer is called as Transferee. The
  information required is PAN, name and complete
  address. In case there are a number of buyers,
  the details are required for all the buyers.
• 2. Seller - Seller is called Transferor. The
  information required is PAN, name and complete
  address. In case there are a number of sellers,
  the details are required for all the buyers.
• 3. Property - The complete address of property
• 4. Transaction Details - Date of the agreement,
  its value, payment type or mode of payment.

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Foreign buyer or Seller

• In case of a NRI buyer, the TDS will still be
  deducted from the buyer, as the seller is an
  Indian. However, in case when the seller is an
  NRI and the buyer is an Indian then section 195
  will be applied.
• As per this section, TDS is applicable even if
  the value of the property is less than 50 lakhs.
  If capital gain is long-term, the deduction would
  be 20.66 on the selling price of property. In
  case of short term capital gains, TDS deduction
  would be 33.99.