Government has made it mandatory w.e.f 01.06.2013 on buyer of property to deduct TDS @ 1% on payment made after 01.06.2013 if Purchase Consideration of the Property is Rs. 50 Lakh or more. Deductor can pay such TDS by any of the following mode :-
- Either make the payment online (through e-tax payment option) immediately;
- Or make the payment subsequently through e-tax payment option (net-banking account) or by visiting any of the authorized Bank branches. However, such bank branches will make e-payment without digitization of any challan. The bank will get the challan details from the online form filled on www.tin-nsdl.com
Once the Payment is made now the dedcuctor / Buyer is required to issue TDS certificate in form 16B to the seller of the Property. Now the question is how to prepare or from where deductor can get such certificate for the purpose of issue to the seller? Answer is deductor can download such certificate from Traces website and issue to the seller.
Procedure to Download TDS certificate in form 16B is as follows :-
- Date of Birth
- Last, Middle and First Name and would also be required to further validate details of either tax deducted (option 1) or tax paid by you (option 2).