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Form 26QB : TDS on Sale of Property

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Hiral Vakil

Form 16B
Form 26QB
TDS
TIN NSDL
Last updated on April 26th, 2021

What is Form 26QB?

When to file Form 26QB?

The buyer needs to file Form 26QB within 30 days from the date of payment of sale consideration.

Let’s take an example for understanding: Shyam purchased a property from Vikas. Sales consideration of Rs. 54,00,000 was paid on 15th January 2020. Here Form needs to be filed on or before 15th February 2020. Late fees of Rs. 200 for every day is levied if form filed after the due date.

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What are the details required to file Form 26QB?

The following information is required:

How to file Form 26QB?

  1. Go to TIN NSDL website,

    Go to Services> Select TDS on Sale of Property. TIN NSDL Dashboard

  2. Click on Online form for furnishing TDS on Sale of Property (Form 26QB)

    From the left hand site list. TIN_NSDL_Select_Form26QC

  3. Fill the details in the form

    Details of Buyer, Seller, Property, TDS etc needs to be added. Fill form 26QB

  4. Make payment of TDS and save the acknowledgement

    Payment can be made wither immediately or on a later date. An acknowledgment will be generated upon successful submission.

FAQs

Can I claim TDS deducted on purchase of property?

Yes. Whenever a property is sold, a TDS of 1% is deducted by the buyer. Later, this TDS is deposited with the Government by the buyer. Hence TDS credits are allowed for the seller in his/her TDS Return.

What happens if TDS is not deducted on purchase of property?

In case the TDS has not been deducted on property purchased, a 1% interest per month on the amount not deducted would be required to pay by the buyer.

Is TDS on sale of property refundable?

TDS on sale of a property is refundable if the buyer is to invest his gains in another asset.

Got Questions? Ask Away!

  1. Hey @HarshitShah

    Yes, in case you have not deposited TDS by the due date, the following penalties might be applicable:

    • Interest (if you do not deposit the TDS amount in time)

    • Late filing fee (if you do not file by the deadline)

    • Penalty (if TDS is not filed within one year of the due date)

    Hope this helps!

  2. Hey @HarishMehta

    Form 24, 27 and 27E are forms to file TDS/TCS returns:

    • Form 24 is to file TDS return detailing Salary Payments

    • Form 27 is to file TDS return detailing Foreign or NRI payment other than salary

    • Form 27E is to file TCS returns

    Hope this helps!

  3. Hi @KrishnaAgarwal

Continue the conversation on TaxQ&A

2 more replies

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