Recently, I paid TDS on property purchase by submitting Form 26QB. So, I have created this step-by-step guide to pay TDS on property purchase online. You have to fill the form 26QB to pay the TDS. If you purchase a property such as a plot, flat in Dwarka, Janakpuri, Saket, Greater Kailash, or anywhere in India then you have to pay the TDS amount if the price of the property is equal to or exceeds 50 lakh rupees circle rate of the area.
If you have any questions like this: TDS on selling property in India, property purchase TDS payment, TDS payment for flat, pay TDS for plot, etc then read this guide till the end.
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Things that you will need while filling Form 26QB
- Your (buyer) PAN card number
- Seller PAN card number
- Your present address
- Seller present address or permanent address
- Complete address of the property that you are purchasing
- Date of sale/purchase agreement
- Date on which you have made the complete payment to the seller bank account
Important Points for Form 26QB
- You have to pay the TDS on only that property whose price is equal to or more than 50 Lakh rupees.
- TDS is for the immovable property only. TDS is also not applicable on agricultural lands.
- The buyer have to pay the TDS amount which is 1% of the total price of the property. Then, deduct this amount (1% TDS) from the property sale consideration price. You can find more details on the government official website (www.tin-nsdl.com).
- Example – Suppose you have purchased a property for 1 crore rupees, so the TDS amount on this property will be 1 lakh rupees (1% of the total amount). Now the buyer have to pay this amount. You can deduct this amount from the property price. Now, you have to pay only 99 lakh rupees to the seller.
Steps to Pay TDS on Property Purchase – Form 26QB
Open the official website to fill the form 26QB. Scroll down the page and click on proceed button for the option TDS on property (Form 26QB).
You have 30 minutes to fill and submit this form. You have to fill in information such as taxpayer info, address, property details, and payment info.
Step 1 – Taxpayer Info
Instructions to fill the form for Taxpayer Info part.
- Tax Applicable: In the Tax applicable select Income tax (other than companies) if you are a individual or buying a home in partnership.
- Financial Year: Financial Year will automatically get selected.
- Assessment Year: Assessment Year will automatically get selected.
- Type of Payment: In the Type of Payment, select (800) TDS on Sale of Property.
- Status of the Payee/Seller/Transferor: In the Status of the Payee/Seller/Transferor select it as resident. But if the seller lives outside India then you have to select non-resident.
- Permanent Account No. (PAN) of Transferee(Payer/Buyer): In this, you have to write your PAN card number and after this option your name will be automatically displayed on the screen.
- Confirm Permanent Account No. of Transferee: In this option, write your (buyer) PAN card number again.
- Permanent Account No. (PAN) of Transferor (Payee/Seller): In this option, you have to write the seller PAN card number who is selling his/her property.
- Confirm Permanent Account No. of Transferor: In this option, write seller PAN card number again.
Now, click on the Next button.
Step 2 – Address
Instructions to fill the form for the Address part.
Complete address of the transferee – In this part, the buyer should fill his present address.
- Name of premises/building/village: In this option, you (buyer) have to fill in your present address or permanent address. The next options are flat/block number, city, state and pincode that you can fill.
- Whether more than one transferee/buyer: Select No if you are buying a property alone. But if you are buying in partnership with your spouse, friend, or any other relative then select Yes.
Complete Address of the transferor: – In this part, you have to fill in the present/permanent address of the seller of the property.
- Name of premises/building/village: In this option, you have to fill in the present address of the seller. The next options are flat/block number, city, state and Pincode that you can fill.
- Whether more than one transferor/seller: Select No if you are buying a property from a single owner who is selling his/her property. But if you are buying a property who has more than 1 owner (partners) then select Yes.
Now, click on the Next button.
Step 3 – Property Details
In this section, you have to fill in the details of the property that you are purchasing.
Type of property: I have chosen “building(apartment)“, but if you are buying a plot then select plot from the option.
Name of premises/building/village: Write the address of the property that you are purchasing in this option. Now, fill in other next options such as Flat/door/block number, the city in which it is located, state, and pincode.
Date of agreement/booking: Write the date on which the agreement for booking was signed between both parties (buyer and seller). The date is mentioned on the property sale/purchase agreement paper.
Total valuation of property (Property value): Write the price of the property on which you are purchasing it.
Payment Type: If you have made all the payments in one go then select lumpsum. But in case, if you are paying the amount in installments then select the option “Installment”.
Date of Payment/Credit: Write the date on which you paid the whole amount to the seller’s bank account.
Amount paid/credited: Select the total amount that you are paying to buy the property. Suppose, if you have purchased a property for 1 crore rupees. Then, select 1 in the crore option. If you have purchased a property for 1 cr, something lakhs, and thousands. Then, you have to also select the amount from the lakhs, and thousand options.
Tax Deposit Details: In this part, you have to select the tax amount that you are paying to the government. The rate of TDS is 1% of the total amount as I already mentioned above. Suppose, you have purchased a property for 1 crore rupees then 1% TDS on this amount will be 1 lakh rupees. So, in the option rate of TDS select 1%, and in the option, basic tax (TDS amount to be paid) write in the 1% amount of the total price of the property that you are purchasing. If you are making the TDS payment late then you have to pay the interest fees and late payment fees. But if you are making the TDS payment on time then leave the interest and fee option blank.
Now, click on the Next button
Step 4 – Payment Info
You have two options for payment. Either you can make the payment online using a net banking/debit card or by going to the bank branch. Personally, I made the payment using net banking and it is the easiest and fastest way to make the payment at your home.
That’s it. Now, this guide is completed. If you have any questions related to form 26QB, how to pay TDS on property purchase in Delhi, or anywhere in India. You can write your question in the comment section below. You can also visit the official government website for any other information or to know anything in more detail. I have provided the official website link above in this post.
I hope this guide will help you to fill the form 26QB easily at your home.
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