If you're a buyer who has purchased a property whose value exceeds INR 50 lakhs, you must:
- Calculate 1% TDS on the total sale consideration
- Make the payment online using Form 26QB
- Furnish a TDS certificate from Form 16B to the seller
Example: If a property is sold for Rs. 70,00,000, then the seller would receive Rs.69,30,000 from the buyer. (after TDS of INR 70,000)
Read more about TDS On Sale of Property.