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.
    • For example, for property getting sold for Rs. 70 lakhs, the seller would receive Rs.69,30,000 after TDS(Rs. 70,000).
  • Make the payment online using Form 26QB.
  • Then, you must furnish a TDS certificate called Form 16B to the seller.