What is TDS on Property?
The Finance Bill 2013 has proposed
that purchaser of an immovable property (other than rural agricultural land)
worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1%
from the consideration payable to a resident transferor.
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.
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.
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.
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. 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 www.tin-nsdl.com
If I encounter any error on NSDL site while entering the
online form details what should I do?
If any problem is encountered at the
NSDL website while entering details in the online form then contact the TIN
Call Center at 020 - 27218080 or write to us at tininfo@nsdl.co.in (Please
indicate the subject of the mail as Online Payment of Direct Tax).
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 Form 16B?
Form 16B is the TDS certificate to
be issued by the deductor (Buyer of property) to the deductee (Seller of
property) in respect of the taxes deducted and deposited into the Government
Account.
From where will I get the Form 16B?
Form 16B will be available for
download from the website of Centralized Processing Cell of TDS (CPC-TDS) www.tdscpc.gov.in.
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