Any person purchasing immovable property of
Rs. 50 lakh or more is required to deduct tax @1% from the payment to the
seller (other than rural agricultural land).
è Step : 1 Deduct TDS
·
Deduct Tax @ 1% from the payment made to the seller
·
Collect the Permanent Account Number (PAN) of the seller &
verify the same with the Original Pan Card.
è Step : 2 Online filing of statement
at www.tin.nsdl.com
·
It is mandatory to furnish the PAN of seller as well as the
purchaser while providing the information regarding the sale transaction in the
online form (Form No. 26QB)
·
Please insure that there is no error quoting the PAN or other
details in filing online Form 26Q
è Step : 3 Depositing the tax deducted
·
Deposit the tax deducted through e-payment only, either at the
time of filling of form 26QB or subsequent to it, e-payment can be made using
electronic payment facility at any authorized bank, including self-net banking
facility.
·
In case the payment of tax deducted is made subsequent to the
filling of Form 26QB, pay using electronic payment facility at any authorized
bank within 7 days after online filling of statement at www.tdscpc.gov.in
·
If there is a delay beyond 7 days in payment of tax, the statement
filed online would be treated as “Invalid” in that case. Form 26QB, will need
to be filed again
è Step : 4 Issue of TDS Certificate
·
Download TDS certificate from TRACES (www.tdscpc.gov.in)
RESPONSIBILITY OF THE
SELLER OF THE IMMOVABLE PROPERTY
·
Provide PAN to the purchaser for furnishing information regarding
TDS to the Income TAX Department.
·
Verify deposit of taxes deduct by the Purchaser in your form 26AS
Annual Tax Statement.
v TAN NOT REQUIRED
TAN of the deductor is not required
for the payment and reporting of the Tax deducted under this section and PAN
allocated to the deductor shall be used for payment and reporting of TDS made
under this section.
