Hassle-free 26QB compliance on sale of property

Avoid any notice on TDS non-compliance

Form 26QB Plan

Services Included

  • Registration on TRACES
  • Filing of Form 26QB (4 nos.)
  • Generation of Form 16B
  • Business Hours CA Support - Email and Phone

₹ 1999 (+ Service Tax)

Buy Plan Now

Plan Description

What is the plan?

This plan enables you to file your TDS returns when you have bought an immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs 50 lakhs. ClearTax provides you with a prompt mechanism to comply with all the TDS compliance on account of purchase of immovable property.

Who should take this plan?

Any person (individual or business) who is an Indian Resident and has purchased immovable property costing more than Rs. 50 lakh.

What are the plan benefits?

  • Documents are collected from you in the digital form
  • Service fulfillment using our ClearTDS software
  • Avoid notice from the tax department on TDS non compliance
  • Documents Needed

    • PAN of the seller & buyer
    • Contact details of seller & buyer
    • Property Sale Deed
    • Bank Statement

    Testimonials

    I bought a property and got to know about the TDS compliance that goes with it. I had no idea how I was going to fill that challan 26QB that’s when ClearTax came to the rescue. I bought the TDS Form 26QB plan and ClearTax team helped me sail through all the compliance. Thanks ClearTax.

    Prashant Gupta

    I didn’t know buying my dream house would attract so many tax compliance. Thanks to ClearTax. You saved me from the nightmare.

    Seema Saboo

    I bought a property last January and took the EMI path. Which meant monthly TDS returns. I didn’t have the energy to work as a full time employee and look after the added tax compliance burden. Thanks to ClearTax. I can sleep peacefully.

    Pallavi Sethi

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    FAQs

    Is TDS deducted on the amount exceeding the property value of Rs 50 lakh or the entire amount at which property was bought?

    TDS has to be deducted by the buyer on the entire amount that is paid or credited to the seller when the amount exceeds Rs 50 lakh.
    For eg. if a property is bought for Rs 70 lakh then TDS has to be deducted on the entire amount i.e Rs 70 lakh, not on just the Rs 20 lakh that exceeds the Rs 50 lakh threshold.

    I am a buyer. What should I do if I don’t have the PAN of the seller(s)?

    The seller(s)’s PAN is mandatory for deducting TDS and filing Form 26QB. It is buyer’s responsibility to acquire the PAN from the seller(s) before effecting the transaction. Neither the buyer, nor the seller is required to procure the TAN. Only PAN of both the parties is to be quoted.

    What if there are multiple parties involved in the sale transaction?

    The Form 26QB challan has to be filled by each buyer for every unique buyer-seller combination for their respective share.
    For example, in case of one buyer (X) and two sellers (A & B), two forms (X-A and X-B) have to be filled in.

    I have purchased a property in 2014. Do I need to deduct TDS?

    From June 1st 2013, when a buyer (Indian Resident) buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs 50 lakhs, he has to deduct TDS when he pays the seller. This has been laid out in Section 194-IA of the Income Tax Act.

    What is the interest and penalty for non or late filing of Form 26QB?

    TDS has to be deducted at the time of making the payment, whether in lump sum or installments. In case TDS is not deducted/deducted but not paid within 7 days of the next month in which payment is made, interest payable is 1% per month (if not deducted )& 1.5% per month( if deducted but not deposited).

    I have more than 4 Challans to submit. What will be the value of the package?

    We cover upto 4 Challans in our package. The charge shall be Rs. 499 + Service Tax for every additional Challan.