Form 141/26QB TDS on Immovable Property
JIGNESH PADIYA AND ASSOCIATES · Mumbai
If you buy immovable property, other than agricultural land, for Rs 50 lakh or more, you must deduct TDS at 1 percent from the payment to the seller. You then deposit it with the challan-cum-statement (Form 141, earlier Form 26QB) and give the seller a TDS certificate. Late filing attracts interest, a late fee and possible penalties.
What is included:
- Computation of TDS, including joint buyers and sellers
- Filing of the challan-cum-statement and payment
- Download and issue of the TDS certificate to the seller
- Correction of errors in PAN, amount or date
- Advice on non-resident sellers, where different rates and forms apply
Contact Jignesh Padiya & Associates, Chartered Accountants, Ghatkopar East, Mumbai on 9664279324 for TDS on property purchase.