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Form 26QB for TDS on sale of immovable Property

Rs. 1250

What is Form 26QB 


How to file 26qb form 

Form 26qb online return is required to be filed by purchaser of Immovable property (other than agriculture land) if the value of the property purchased exceeds Rs. 50 Lacs. In this case, the purchaser of the property has to deduct TDS @  1% of value of property and pay the same to the Govt. Account.The property includes land, building or any part of building. The TDS has to be deducted on the whole amount and not the amount which is exceeding Rs.50 lacs. For example, if the property has been purchased for say Rs.90 lacs, the TDS has to be deducted on whole of Rs.90 lacs and not Rs.40 lacs (i.e. 90 -50 lacs). 

It is the purchaser who has to file this form. 

In case of Joint purchase and sale agreements i.e. more that one purchaser or seller, more than one form will have to be filled up for each buyer-seller combination. 

For example, if there is one purchaser and two sellers, two forms have to be filled up and if there are two purchasers and two sellers, 4 forms will have to be filled up. 

The purchaser has to file this form online within the due date which is one time exercise. For filing this return, no TAN is required. The same can be filed through PAN only. The PAN of both purchaser and seller is required. 

This form has to be filled up online within 7 days from the end of the month in which the sale transaction has taken place. Failure to do so will attract late fee u/s 234E of Rs.200 per day. Thus the due date of form 26qb is 7th of the next month in which the transaction took place.

The online tax payment is to be made along with the filing of this form. However it can also be made later if you choose that option.