What is Form 26QB for property TDS?

Form 26QB is an online challan-cum-statement used to deposit TDS (Tax Deducted at Source) on property purchases specifically for immovable property transactions above ₹50 lakh under Section 194-IA of the Income Tax Act.

When Form 26QB Is Required

• Buyer purchases immovable property (other than agricultural land) for consideration ≥ ₹50 lakh.
• TDS of 1% must be deducted from each instalment payment or at time of registry.
• Each instalment exceeding ₹50 lakh aggregate requires TDS deduction and Form 26QB filing.

How to File Form 26QB

1. Visit TIN NSDL portal (tin.tin.nsdl.com) → TDS on Property → Form 26QB.
2. Enter buyer and seller PAN, property details, consideration amount, and TDS amount.
3. Pay TDS online through net banking.
4. Generate acknowledgment and Form 16B (TDS certificate for seller).

Form 26QB compliance is a mandatory step in every property purchase above ₹50 lakh in India. Buyers who fail to deduct and deposit TDS can be held personally liable for the tax, interest (1.5% per month), and penalty. The filing process is straightforward and takes less than 15 minutes online.