As per Section 194-IA of the income tax act 1961, TDS applies to the sale of immovable property wherein sales consideration of immovable property is more than Rs 50 lacs. Form 26QB is the challan cum statement of the deduction of tax.
TDS has to be submitted along with filled Form 26QB within 30 days from the end of the month in which TDS was deducted. The person deducting TDS shall furnish Form 16B to the payee within 15 days from the due date of furnishing challan cum statement in Form 26QB.
Requirements to file Form 26QB
- PAN of the buyer and seller
- Address of buyer and seller
- Contact details of buyer and seller
- Property details
- Amount paid/credited
- Tax deposit details