TDS RETURN ON PURCHASE OF PROPERTY FORM 26QB We, at BSA & Company, believe in providing our clients with the complete range of services including TDS RETURN ON PURCHASE OF PROPERTY FORM 26QB online in Siliguri related to taxation, compliance to Government rules and regulations, and investment, in an efficient and hassle-free manner. If you’re purchasing immovable property in India valued at ₹50 lakh or more, understanding Form 26QB is crucial to staying compliant with tax laws. This form facilitates the deduction and payment of TDS (Tax Deducted at Source) on property transactions. Here’ everything you need to know, from its purpose and filing process to penalties and expert assistance.
Section 194-IA mandates that any buyer of immovable property (excluding agricultural land) valued at ₹50 lakh or more must deduct TDS on property purchase at 1% of the sale consideration. This deduction should occur at the time of payment or credit to the seller, whichever is earlier.