Depositing TDS on sale of property

If you're a buyer who has purchased a property with a sale value exceeding Rs.50 lakhs, you must:

* Calculate 1% TDS on the total sale consideration.

Example, for a property getting sold for Rs. 60 lakhs, the seller would receive Rs.59,40,000 after tax.

* Make the payment online using Form 26QB.

* Then, you must furnish a TDS certificate called Form 16B to the seller.

This link will guide you step-by-step on depositing TDS on sale of property. 

Submit a request if you need further assistance.