Sale for Immovable Property (26QB)
Plan
Process
Documents and Information Required
Plan
Form 26QB is used for submitting Tax Deducted at Source (TDS) under Section 194-IA of the Income Tax Act, 1961. This section pertains to TDS deductions on transactions involving the sale of immovable property. It’s crucial to file Form 26QB within 30 days from the end of the month in which the TDS was deducted. For example, if the transaction took place in March, Form 26QB must be submitted by the end of April.
Process
- Obtain TAN
- Fill out form 26QB
- Generate TDS certificate
- Deposit TDS amount
- File TDS return
- Issue TDS certificate to the seller
Documents and Information Required
- PAN of Buyer and Seller
- Complete Address of Buyer and Seller
- Mail id and phone number of Buyer and Seller
- Status of whether buyer/seller if resident/non-resident
- Confirmation whether more than one buyer/seller or not
- Complete address of property
- Date of purchase
- Amount of sale consideration
- Details of payment whether done in lumpsum or in installments
- Date on which the amount is paid or credited