Are you looking for services related to the payment of Property TDS? Legal Adda is the Best Property TDS Payment Consultant in Ahmedabad, India. Every person/Company who buys property of more than 50 Lakhs required to deduct the tax deduction at source (TDS) of 1% from the payment of the seller. Such TDS required to deposit to the Income Tax Department (Govt.) with the submission of TDS Form 26QB.
As per Income Tax Act, 1961 Section 194IA is described the provisions of TDS on Sale of Immovable Property. Immovable Property Includes all types of Land, Building, Office, Commercial Spaces, Bungalows, Flat, Apartment, etc. Such TDS Required to be deducted by the buyer of property if the value of Immovable Property is more than Fifty lakhs (50 Lacs). Firstly, the Buyer of Property will deduct Straight 1% from the payment of the seller. Secondly, the Buyer will file TDS Form 26QB electronically from the NSDL Portal with the Depositing Payment of TDS. Lastly, the Buyer will Download Form 16A from TRACES a Certificate of TDS for Sale of Immovable Property, Such Form 16A should be given to the seller of Immovable Property.
