TDS Return on Purchase of Property – Form 26QB
When you purchase an immovable property in India, the law requires the buyer to deduct TDS at 1% on the sale consideration and deposit it with the Income Tax Department. This applies even if you are an individual with no business or audit requirement. The compliance is completed through Form 26QB, and any delay or mistake can lead to interest, late fees, and notices.
At N D Savla & Associates, we provide end-to-end TDS return filing services for property purchase under Form 26QB, ensuring accurate deduction, timely filing, and smooth Form 16B generation for the seller.
What Is Form 26QB?
Form 26QB is a challan-cum-statement used to:
Deduct TDS at 1% on purchase of immovable property
Deposit the TDS with the government
Report buyer and seller details in a single form
It is mandatory for property purchases where the sale value exceeds the prescribed limit under the Income Tax Act.
When Is TDS on Property Applicable?
TDS under Form 26QB applies when:
The sale consideration exceeds ₹50 lakh
The property is located in India
The buyer is responsible for deducting TDS
Payment is made to a resident seller
For non-resident sellers, different provisions apply.
Our Form 26QB Services:
-TDS Calculation & Compliance Review
We review the agreement value, payment schedule, and seller details to ensure correct TDS computation and compliance.
-Form 26QB Preparation & Filing
We prepare and file Form 26QB with:
Correct buyer and seller PAN details
Accurate property and payment details
Proper challan generation and payment
-Form 16B Download & Issuance
After filing, we assist with:
Downloading Form 16B from TRACES
Issuing Form 16B to the seller within the prescribed time
-Correction & Rectification Support
If errors occur, we assist with:
Correction of PAN, amount, or payment details
Rectification filings on the portal
Resolving mismatch-related notices
-Notice Handling Support
If you receive a notice for late filing, interest, or incorrect deduction, we handle drafting and submission of replies.
Documents Required for Form 26QB Filing:
Buyer and seller PAN
Property purchase agreement
Sale consideration and payment details
Date of payment or credit
Buyer’s contact details
Why Choose N D Savla & Associates?
Experience in property-related TDS compliance
Accurate filing with proper validation
Timely completion to avoid late fees
Support for corrections and notices
Clear guidance throughout the process
We make sure your property purchase stays tax-compliant.
FAQs – Form 26QB TDS on Property
Who is responsible for deducting TDS on property purchase?
The buyer of the property is responsible for deducting and depositing TDS.
What is the TDS rate on purchase of property?
The TDS rate is 1% of the sale consideration.
Is TAN required for filing Form 26QB?
No. TAN is not required. PAN of the buyer and seller is sufficient.
When should Form 26QB be filed?
Form 26QB must be filed within 30 days from the end of the month in which TDS is deducted.
What happens if Form 26QB is filed late?
Late filing can attract interest, late fees, and income tax notices.
