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TDS Return In Case Of Property Buy

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Overview

Assuring you complete help regarding TDS Filing on Sale of the Property through our expert consultants

We can be the one-stop destination for a whole range of expert consultation as far as TDS return in case of property buy is concerned. TDS primarily is referred to as Tax Deducted at Source. There are primarily two types of TDS certificates called

Annual TDS certificate: 

This certificate is primarily issued on a yearly basis for the TDS on salary. It is also referred to as form `16. It is here to note that TDS can’t be applied for those employees with a salary under 2, 50, 000 INR.

Quarterly TDS certificate: 

Though this certificate is issued for income, that doesn’t include salary. It falls under the 16A form.

Feel free to connect with us for any kind of query regarding the above two certificates.

Norms of TDS on sale of a property:

As per section 194A, anyone buying a property worth more than 50 lacs is essential to pay 1% TDS upon sale. We can be your one-stop destination for TDS affairs on a property sale. All that you need is to fulfill the following requirements.

1) 1% of the total amount that must be discounted by the buyer.

2) Though TAN or Tax Deduction Number is not essential, one must have PAN. Note that PAN of buyers and sellers is essential to be submitted. Otherwise, TDS amount reduction occurs at 20%.

3) After the TDS deduction on property sale is over, it is essential to submit the 16B form.

4) If there are multiple buyers and sellers, TDS at same rate still remains intact.

5) It is essential to submit 26QB and form 16B to the government within 30 days of TDS deduction. 

Fulfilling Payment of TDS through 26QB form

Stay assured about flawless handling of TDS payment through 26QB form. The method for payment of TDS deduction on property sale primarily includes following aspects.

1) First, one needs to open the 26QB form upon visiting income tax department portal.

2) One has to select between corporate payer and non-corporate payer on next page. Code 0020 must be selected for corporate payers, and 0021 is meant for non-corporate payers.

3) For payment, one may go with the online mode using net-banking or straight reaching the physical bank. A receipt along acknowledgment number is provided along 10 days validity in case of offline payment.

Those find it confusing while executing above steps can connect with us.

The form 16B download

For obtaining the 16B form for TDS over property sale section, it is essential to get registered over TRACES portal. Post completion of registration, the TDS certificate is shown over the portal that can be given to the seller. Following methods can be followed for download of form 16B for TDS regarding sale of immovable property.

1) First one has to log in on the TRACES portal.

2) Going to download section, one has to click ‘Form 16B’ that is for buyer.

3) Provide the details of PAN of the seller along with acknowledgment number and click on ’Proceed’ option.

4) Verify the complete detail and tap on ‘Submit Request’ option.

5) Post submission, the 16B form can be availed for download as a .zip file.

6) Once download is completed, it asks for password entry to open the document, which is basically the applicant’s date of birth.

Beginners confronting any issue while executing the above steps can connect with us and stay assured about flawless outcome.

TDS when it comes to property sale to NRI

TDS, when it comes to property sale to NRI, is indeed a bit challenging comparing to others. Anyway, being experienced enough about these affairs, we can provide wholesome help for the NRIs.

Within TDS on sale of property section, distinct prices have to be delivered in case of TDS on property sale to NRI. In other cases, i.e., when an NRI sells, tax must be paid on amount of gains. As far as payable tax concerned, gains are of following two types.

Short-term gains: 

It basically refers to those occasions when property is sold in a couple of years of buying. Concerned buyer has to pay 30% of the TDS on property sale to NRI in such occasion.

Long-term gains: 

This is the case where a property is put for sale post 2 years of buying. The buyer has to pay 20% of TDS to the NRI when sold.

Similar is the case about inheritance also; here, an individual has to pay a fixed amount of taxes according to rates fixed by income tax slab.

For greater savings of tax on capital gains

The percentage of tax-deductible might appear a little higher for some, and thus to lower the tax that must be paid to the government, the following 3 modes of tax exemptions are recommended by us. We can provide wholesome help on all these aspects.

Section 54: 

This exemption is recommended mostly for long term capital gains. Here the cost of the new property purchased is essential to be higher than the earlier, and the exemption will be there explicitly on the gain amount. Investment can be made in the gains as well of properties under construction, though it is liable for 3 years.

Section 54F: 

This exemption is also possible in the case of long term capital gain obtained on the sale of a residential property or a capital asset. 

Section 54EC: 

Here we can help clients regarding the tax exemptions upon investing in bonds. In this context, bonds issued by NHAI and Rural Electrification Corporation REC have been mentioned.

The bonds thus bought are valid only post 5 years. 

All-in-one platform for a whole range of your tax issues

It is obvious to find TDS on property sale section to appear as an extra responsibility for most of the buyers. There remain various factors that can be taken into account by the NRIs while going for property sale. Feel free to connect with us if unaware of these affairs. For any kind of help regarding exemption of tax responsibility and the rules specified by the government in this regard or to avoid penalties, we can be the all-inclusive platform for all.

Document Required

  • Details of Property Purchased
  • Details of Challan

Time Lines

  • (1 to 2 Days)
  • Purchase the Service
  • Upload / send the Documents
  • Discussion with expert
  • Filing of application with department
  • Receipt of Acknowledgement
  • Confirmation to client

Service Covered

Pricing for what you want required service

Basic

950*
  • Expert Consultation
  • Deposit of Tax challan
  • Deposit of TDS Return

Business

1450*
  • Expert Consultation
  • Deposit of Tax challan
  • Deposit of TDS Return
  • Filing of One ITR 1 Return

Enterprise

1950*
  • Expert Consultation
  • Deposit of Tax challan
  • Deposit of TDS Return
  • Filing of One ITR 2 Return
  • Notes:
  • * This price is inclusive of all Govt filing fee and excluding GST amount.

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