How to pay TDS On Property Purchase | FORM 26QB

How to pay TDS On Property Purchase | FORM 26QB |

Hey everyone and welcome to my channel! Today, we're going to talk about how to pay TDS on property purchase.

What is TDS?

TDS stands for Tax Deducted at Source. It's a system where the buyer of a property deducts a certain amount of tax from the purchase price and pays it directly to the government. This helps to ensure that the seller pays their income tax on the sale of the property.

When is TDS applicable?

TDS is applicable when the following conditions are met:
The property is located in India.
The sale consideration (the amount paid for the property) is Rs. 50 lakh or more.
The seller is an Indian resident.

How to calculate TDS?

The TDS rate is 1% of the sale consideration. However, if the seller's PAN (Permanent Account Number) is not provided to the buyer, the TDS rate is 20%.


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