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TDS for the purchase of property is the tax that a buyer may be required to deduct when purchasing certain immovable property from a resident seller.
For transactions governed by the Income Tax Act, 2025, applicable from 1 April 2026, this requirement is covered under Section 393(1), Table Sl. No. 3(i). The buyer reports and deposits the tax through Schedule B of Form 141 instead of the earlier Form 26QB.
The provision generally applies when the sale consideration or stamp duty value is ₹50 lakh or more. TDS is deducted at 1% of the consideration or stamp duty value, whichever is higher. Agricultural land covered by the statutory exclusion is outside this provision.
After the TDS is deposited and Form 141 is successfully processed, the buyer must obtain the applicable TDS certificate in Form 132 and provide it to the seller.
Ebizfiling assists buyers with determining the applicable TDS, verifying transaction information, preparing Schedule B of Form 141, completing payment, and helping obtain the TDS certificate.
TDS for the purchase of property is a tax deduction obligation placed on a buyer purchasing qualifying immovable property from a resident seller. Under the current income tax act, 2025, the applicable property transaction is reported through Form 26QB. The standard TDS rate is 1% of the sale consideration or stamp duty value, whichever is higher, where the prescribed ₹50 lakh threshold is met.
Form 141 is a unified PAN-based challan-cum-statement introduced under the Income Tax Act, 2025. It combines several PAN-based TDS forms that existed under the earlier law.
For property purchases:
Earlier: Form 26QB under Section 194-IA
Current: Schedule B of Form 141 under Section 393(1), Table Sl. No. 3(i)
The Income Tax Department specifically identifies Schedule B as the schedule for TDS on the transfer of immovable property.
For payments or credits where the relevant TDS event occurred on or before 31 March 2026, the Income Tax Act, 1961, continues to govern the transaction. Where the relevant event occurs on or after 1 April 2026, the corresponding provisions of the Income Tax Act, 2025, apply.
Property transactions involve significant amounts, and a small error in the PAN, transaction value, deduction date, or TDS calculation can create problems in the tax records of both buyer and seller.
At Ebizfiling, we help you understand whether property TDS applies to your transaction, calculate the applicable amount, prepare the relevant details for Schedule B of Form 141, assist with payment, and guide you through the post-filing TDS certificate process.
Our focus is on making property TDS compliance easier to understand while ensuring that the filing is based on the current Income Tax Act, 2025, requirements.
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Ensures your property transaction meets the legal requirements under Section 194-IA.
Prevents interest and late fees caused by delayed or incorrect Form 26QB filing.
Ebizfiling ensures all TDS details are entered correctly to avoid mismatched records.
Complete your entire TDS filing online in just a few steps with expert assistance.
All payments and acknowledgments are tracked through secure government portals.
Get professional help for error-free filing, payment confirmation, and Form 16B download.
5 Easy Steps
Fill in the simple checklist
Preparing form 26QB
Filing of TDS payment
Challan counterfoil
Downloading form 16B
We collect and verify all transaction details for accuracy.
Our experts calculate the exact TDS amount as per Income Tax rules.
We fill and submit Form 26QB online on your behalf.
Assist in making secure online payment through authorized portals.
Download and provide Form 16B(132) certificate after processing.
Track your acknowledgment and filing status in real time.
Provide end-to-end guidance for multiple buyer/seller cases.
Ensure complete compliance to avoid penalties or legal notices.
The applicable form depends on when the relevant event of credit or payment, whichever occurs earlier, takes place. If the earlier event occurred on or before 31 March 2026, the transaction continues under the Income-tax Act, 1961 framework. If it occurs on or after 1 April 2026, the Income-tax Act, 2025 framework applies and the applicable property transaction is reported through Schedule B of Form 141. The agreement date alone does not determine which form should be used.
Yes. A buyer can report multiple sellers in one Form 141 where the applicable conditions are satisfied. For property transactions, the details of all buyers and sellers and their respective shares in the property must be reported. If multiple resident sellers have the same status, such as all being companies or all being non-companies, they can generally be covered collectively in the relevant Form 141.
Yes. Errors in Form 141 can be rectified through a correction statement. A correction statement may generally be filed within two years from the end of the tax year in which the original statement was required to be furnished. Where a processed statement contains a default or requires correction, the applicable correction process is handled through TRACES.
If the seller’s PAN is not furnished or is invalid or incorrect, the TDS credit may not be reflected correctly in the seller’s tax records. Higher-rate TDS provisions may also apply. Under Section 397(2), tax may be required to be deducted at the higher of the applicable statutory rate, the rate in force, or 20% in cases covered by the provision. Buyers should therefore verify the seller’s PAN before Form 141 filing.
No. TAN is not mandatory for Form 141 filing. Form 141 is a PAN-based challan-cum-statement, and the buyer files it using their PAN for the applicable property transaction.
After Form 141 is processed, the TDS amount is reflected in the seller’s applicable tax information records, including Form 168 (AIS). The seller can use the available TDS credit while filing the applicable income-tax return.
No. Form 132 must be generated through the prescribed process after Form 141 has been filed and processed. The buyer must download Form 132 from TRACES and provide it to the seller after signing it digitally or manually. A self-prepared certificate does not qualify as the prescribed TDS certificate.
No. Under the revised Schedule B structure, a buyer does not necessarily need a separate Form 141 for every seller. Multiple sellers of the same status may be reported collectively. However, where there is more than one buyer acting as a deductor, each buyer must file a separate Form 141 for their proportionate share.
Yes. Multiple transactions of the same nature having the same month of deduction can be reported in a single Form 141. However, transactions relating to different months of deduction cannot be clubbed together in the same form.
Yes. The Income Tax Department allows the original Form 141 statement to be filed through an authorized representative using valid credentials on the e-Filing portal. This can be useful where the buyer is taking professional assistance for completing the filing.
An Acknowledgement Receipt Number, or ARN, is generated after Form 141 is submitted. Once the related TDS payment is completed successfully, a Challan Identification Number, or CIN, is generated against the acknowledgement linked with the statement.
Form 132 must be issued within 15 days from the due date for furnishing Form 141. The buyer should download the certificate from TRACES after Form 141 has been successfully processed and provide it to the seller within the prescribed period.
No. Form 132 must be downloaded from the TRACES website. After downloading it, the deductor can sign it digitally or manually before providing it to the seller. A certificate created independently through another mode is not treated as the prescribed Form 132 TDS certificate.
If Form 132 contains an error, the underlying Form 141 must first be corrected. Once the correction statement is successfully processed, a revised Form 132 can be generated. Therefore, the certificate itself should not simply be manually edited to fix incorrect TDS or transaction information.
No. Although Form 141 is a consolidated form containing several schedules, only one transaction type can be reported in each filing. Schedule B is used for the transfer of immovable property. If the deductor also has another Form 141 transaction, such as rent or payment to a contractor or professional, a separate Form 141 using the relevant schedule must be filed.
Ebizfiling guides you step-by-step through accurate Form 26QB filing and payment to avoid penalties online at just INR 2,499/- only
Trusted by 10,000+ clients across India for simple and reliable TDS compliance.
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