Calculate TDS on Sale of Property
Created by: Shrutika Shah
Modified on: Wed, 13 Apr, 2022 at 6:18 PM
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.
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