Form 16B is required in those cases where you bought an immovable property for a consideration in excess of Rs. 50 lakhs and you have deducted TDS @1% while making payment to the vendor. For deducting TDS from your payments you are required to issue certificate in Form 16B to the person from whose payment TDS has been deducted. Form 16B has to be downloaded from trace portal … [Read more...] about How to download form 16B – TDS certificate for sale of property U/s 194IA
Section 194IA
TDS on Property Sale in India – Section 194IA
Mr. P Chidambaram has introduced section 194IA in the budget 2013-2014. With the introduction of section 194IA, TDS at the rate of 1% is to be deducted on sale of property transactions by the buyer while paying consideration money to seller. Section 194IA is applicable with effect from 1st of June 2013. Section 194IA states that, TDS at the rate of 1% is to be deducted from … [Read more...] about TDS on Property Sale in India – Section 194IA