Question 1

What is Form 26QB?

Accepted Answer

Form 26QB is a challan-cum-statement filed by the buyer of an immovable property under Section 194-IA of the Income Tax Act, 1961. It is used to deposit 1% TDS deducted from the sale consideration when the property value is ₹50 lakh or more. Form 26QB is filed online through the TIN-NSDL (Protean) portal or the Income Tax e-filing portal.

Question 2

When is Form 26QB required to be filed?

Accepted Answer

Form 26QB must be filed whenever immovable property (other than agricultural land) is purchased for ₹50 lakh or more from a resident seller. The buyer deducts 1% TDS on the sale consideration or stamp duty value, whichever is higher, and files Form 26QB within 30 days from the end of the month in which TDS was deducted.

Question 3

What is the TDS rate on property purchase in India?

Accepted Answer

The TDS rate under Section 194-IA is 1% of the sale consideration or stamp duty value (whichever is higher) for property purchases of ₹50 lakh and above from resident sellers. If the seller does not furnish a PAN, the TDS rate increases to 20%. For NRI sellers, TDS is governed by Section 195 and filed via Form 27Q, not Form 26QB — the rates are significantly higher.

Question 4

How do I file Form 26QB online?

Accepted Answer

Form 26QB is filed online by visiting the TIN-NSDL Protean portal or the Income Tax e-filing portal, selecting 'Form 26QB' under TDS on sale of property, entering buyer and seller PAN details, property details, sale consideration, and TDS amount, paying the TDS challan via net banking or e-payment, and downloading the acknowledgement. Form 16B can be downloaded from TRACES 5–7 days after filing.

Question 5

What is the due date for filing Form 26QB?

Accepted Answer

Form 26QB must be filed within 30 days from the end of the month in which TDS was deducted. For example, if TDS is deducted on 15 April, the due date for filing Form 26QB is 30 May. Filing after the due date attracts a late fee under Section 234E and interest under Section 201.

Question 6

What is Form 16B and how is it related to Form 26QB?

Accepted Answer

Form 16B is the TDS certificate that the buyer issues to the seller after filing Form 26QB. It serves as proof that 1% TDS has been deducted and deposited with the Income Tax Department. The buyer downloads Form 16B from the TRACES portal approximately 5–7 working days after Form 26QB filing and provides it to the seller, who uses it to claim TDS credit while filing their income tax return.

Question 7

What is the penalty for late filing of Form 26QB?

Accepted Answer

Late filing of Form 26QB attracts a fee of ₹200 per day under Section 234E (capped at the TDS amount), interest at 1% per month under Section 201(1A) for late deduction, and 1.5% per month for late deposit. In addition, a penalty under Section 271H ranging from ₹10,000 to ₹1,00,000 may be levied for failure to furnish Form 26QB within the prescribed time.

Question 8

Does Form 26QB apply to bank auction property purchases?

Accepted Answer

Yes. When a property is purchased through a bank auction under SARFAESI for ₹50 lakh or more, the buyer is responsible for deducting 1% TDS on the sale consideration and filing Form 26QB, just as in a private sale. The TDS is deducted on the payment made to the bank, and the borrower (original owner) is treated as the seller for TDS purposes — meaning Form 16B is issued in the borrower's name and PAN.

Question 9

How is Form 26QB filed when there are joint buyers or joint sellers?

Accepted Answer

When there are joint buyers or joint sellers, a separate Form 26QB must be filed for each buyer-seller combination, with TDS deducted in proportion to each party's share in the transaction. For example, two buyers purchasing from two sellers will require four separate Form 26QB filings. Each form reflects the proportionate sale consideration and TDS for that buyer-seller pair.

File Form 26QB Online for TDS on Property in Bangalore

The TDS Reality Every Property Buyer Faces

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Frequently Asked Questions

What if I've already missed the 30-day deadline?

Is TDS required if the property is below ₹50 lakh?

Can I get a refund if I overpaid TDS?

What happens if seller's PAN is not available?

How long does the entire process take?

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