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As the responsibility of deducting TDS on immovable property lies with the buyer, he/she will
have to deposit the payment by filling up Form 26QB or TDS on sale of property form available
at NSDL-TIN website.
The form has to be filled with PAN and complete address of the buyer and the seller; address
of the subject immovable property; date of sale agreement and the value of the property that is for
consideration.
Next, the buyer will also have to obtain a challan for the payment.
The TDS amount is to be electronically remitted into State Bank of India or any other
authorized bank. The list of authorized banks can be referred to here. The payment can be made
bank.
Once a buyer makes a payment, he/she can download Form 16B from website of
the real estate sector and to collect tax at the earliest point of time, TDS should be applicable. This
will widen the tax base and check tax avoidance measures. With the above steps, you can easily
make the payment from the comfort of your home/office.