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TDS on property Purchase by Resident

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Published on 10 Feb 2020 / In Income Tax Saving

TDS on property Purchase by Resident

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

2. I am a Buyer, Do I need to deduct tax at source for sale consideration of under construction property?
As per Income Tax Rules, any payment towards purchase of immovable property worth ₹ 50 lakh or more, whether built up or under construction, you are required to withhold tax at the rate of 1% from the sale consideration payable to a resident transferor.

3 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.

4 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.

5. What if I don't have the PAN of the seller, is it Mandatory?
PAN of the seller is mandatory. The same may be acquired from the Seller before effecting the transaction.

6 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 i.e. www.tin-nsdl.com. 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 TIN website (www.tin-nsdl.com)

What is Form 26QB?
The online form available on the TIN website for furnishing information regarding TDS on property is termed as Form 26QB

What is the due date of payment of TDS on sale of property?

As per the CBDT notification no. 30/2016 dated April 29, 2016, the due date of payment of TDS on transfer of immovable property has been extended to thirty days (from existing seven days) from the end of the month in which the deduction is made.
Example: If a taxpayer has made payment of sale consideration in the month of February, then corresponding TDS should be deposited on or before (thirty days) March 30th.


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