Guidelines for TDS deduction on Purchase of Immovable Property

Who will deduct the tax :Any person, who is buying an immovable property from any person, is liable to deduct TDS u/s 194-IA of income Tax Act 1961 @1% on any payment made by him on or after 1st June 2013 to the Seller / Transferor. Important Points to be noted: TDS will be deducted on installments paid on or after 1st June, 2013 only if the aggregate purchase consideration (excluding service tax) is more than Rs. 50 Lacs For Eg: Installment due=Rs.500000 (inclusive of Service tax) TDS to be deducted @ 1%= Rs. 5000 Net Payable to the seller = Rs.495000 The TDS deducted by the buyer at the time of making payment to the seller should be deposited online vide Form 26QB with Income Tax Dept. TDS certificate shall be issued by the buyer to the seller within 15 days from the due date of deposit of TDS.

Steps to Pay Tax Online o Log on towww.incometaxindia.gov.in& click on Pay Taxes online. From the drop down box select Pay taxes online

You will be directed to a new webpage of Tax information network for e- payment

o o

Select the applicable Challan i.e Form 26QB as shown above A new web page with form 26QB will be opened as given below

If the buyer is a company, select (0020) income tax on companies (corporation tax) In case the buyer is other than company (like individuals, HUF etc) select (0021) Income tax (other than companies) Select Financial Year from the drop down for which payment is to be done i.e 201314

 Mention PAN of Transferee/Buyer (In Capital letters) Mention PAN of Transferor/Seller (In Capital letters) : Details Annexed Re-enter PAN of Transferee/Buyer (In Capital letters) Re-enter PAN of Transferor/Seller (In Capital letters) : Detail Annexed Provide Complete address of Transferee/Buyer Provide Complete address of Transferor/Seller : Details Annexed Provide the type of property: Select Buildings (shops, apartments, flats, bunglows) Provide Complete address of Property transferred(Details of property you are buying) Mention the date of Agreement/Booking of property(Mention allotment letter date) Mention the Total value of consideration (Flat total value excluding Service Tax) Mention if the above payment is done in Lump sum or in Instalments(instalments) Select the amount paid/credited :Enter the Instalment paid to the Seller NOW( including TDS Amount) like in above given example Rs. 5,00,000/ Enter the TDS rate(%) : 1 Enter the TDS amount to be paid (amount deducted by the purchaser at the time of purchase of the property) : like in above given example Rs. 5 000/ Select the mode of payment, Bank name, Date of payment and date of tax deduction Enter the characters provided in the picture ( code is case sensitive) Click on proceed & a confirmation page is displayed to verify the details entered.

If all the above detail including the name displayed ( i.e Mahagun .. and your name ) is correct then, click on CONFIRM button
In case you have made a mistake in data entry, click on EDIT to correct the same. On confirmation, nine digit alpha numeric Acknowledgment number would be generated To do the required TDS payment, please click on Submit to the Bank button On clicking on Submit to the Bank, deductor will have to login to the net-banking site with the user ID/ password provided by the bank for net-banking purpose. On successful login, enter payment details at the bank site. On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made. Generate TDS certificate from the site www.tdscpc.gov.in within 15 Days from due date of deposit

PAN NO. OF TRANSFEROR / SELLER: (For MahagunPuram & Moderne) PAN NO: AAFCM4203R (Mahagun Real Estate Pvt. Ltd.) Complete address of Transferor/Seller:

The Corenthum Tower B-44, Plot No A/41 Sector-62 Noida-201301 (For Mywoods, Mascot, Maple) PAN NO: AAACM6572A (Mahagun India Pvt. Ltd.) Complete address of Transferor/Seller: The Corenthum Tower B-44, Plot No A/41 Sector-62 Noida-201301 (For Mezzaria) PAN NO: AADCN2095A (Nexgen Infracon Pvt. Ltd.) Complete address of Transferor/Seller: The Corenthum Tower B-44, Plot No A/41 Sector-62 Noida-201301 (For Mirabella)

PAN NO: AAECG7787R (Golfgreen Infra Pvt. Ltd.) Complete address of Transferor/Seller: The Corenthum Tower B-44, Plot No A/41 Sector-62 Noida-201301