How to pay TDS on purchase of property?

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How to pay TDS on purchase of property?
Since June 1, 2013 a purchaser of property has to deduct and deposit a tax deducted at source (TDS) of one per cent, if the property (other than agricultural land) is for a consideration of Rs 50 lakhs and above.

While it's easy to deduct the TDS from the seller, buyers are often confused as to how to complete the TDS payment process after deducting the one per cent from the seller. The onus of payment of the TDS lies with the buyer and hence he should know the steps to deposit the TDS. Here is the process to facilitate online payment of TDS.

Step 1

To begin with visit the NSDL website and click on:

After you do so, you can clearly see "Select the type of Challan." Click on form 26QB (Payment of TDS on Sale of Property).

Fill all the complete details on the form online and than click "proceed". Once you do so, it will take you to effect payment through the net banking gateway, which is the same as you do for any other net banking payment.

After the payment is done the website will allow you to take a print out of the Challan, which shows that the payment of TDS has been made.

Step 2

Once you have completed this process you need to wait for a week at least for the remittance to be reflected in the TRACES website. Thereafter visit

If you are not registered on the TRACES website, you need to register first. Once the registration is complete you can login and view form 26AS, which will show the payment made under part F of the form which you had made through net banking.

This will also enable you to view details like TDS certificate number, name of deductee, PAN of deductee, acknowledgement number etc.

Step 3

Once the payment is shown in 26AS as above, you need to relogin to the TRAECS website. Login and click on ‘Downloads' tab. In the dropdown menu click on ‘requested downloads'. Thereafter, fill in the acknowledgment number (nine digit number) which is reflected on Form 26AS Part F as mentioned above. After this individuals can view the status of their application, and one can request an application request number.

Within a few hours, the application is processed and you can view Form 16B by putting in the request number which you have obtained. You can take a printout of the same for your records as well as for handing over to the seller of the property as proof that TDS deducted has been deposited.

Keep the following information ready before you start the process

1) Your PAN Card details.

2) Realtors PAN Card details or the sellers PAN card from whom you have bought the property.

3) Realtors official name or the concerned parties name and details from whom you have purchased the property.

4) Amount to be paid

5) Realtor or sellers address.

Read more about: tds, property payment
Story first published: Saturday, May 10, 2014, 10:44 [IST]
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