File Form 26QB on Sale of Property

Form 26QB is a challan cum return statement used for the payment of TDS (Tax Deducted at Source) on the sale of immovable property.

If you have purchased property exceeding ₹50 lakhs, then the TDS must be deducted at 1% at the time of payment of a property. And required to file Form 26QB to report the details of the TDS deducted and deposited with the government.

Even If payments are made in installments then at every installment 1% TDS needs to be deducted and Form 26QB needs to be filed.

Due date to file TDS return

As a buyer, you need to file a TDS return (Form 26QB) within 30 days from the end of the month in which the TDS was deducted.

For example, if you made the payment in the month of April 2022, then, you’re required to file form 26QB by May 30.

How to File Form 26QB from Income Tax Portal?

  1. Visit the Home | Income Tax Department
  2. Login using PAN /User Id and Password
  3. Navigate to Dashboard > E-File > e-Pay Tax
  4. Click on New Payment tab from the right side
  5. Scroll down and select the tab “TDS on Sale of Property (Form 26QB)”
  6. Form 26QB is organized in the following manner
    a. Add Buyer Details
    b. Add Seller Details
    c. Add Property Transferred Details
    d. Add Payment Details
  7. Enter all the required details and make the payment.
  8. Once the payment is made, you can view the taxpayer details and payment details under the summary section. And you can also download the Challan Receipt for future reference.

Additionally, as a buyer, you’re required to issue the TDS certificate (Form 16B) to the seller within 15 days from the due date of filing the TDS return. Form 16B is nothing but proof of TDS deducted on the sale of a property. So that seller can claim TDS credit for the same while filing an income tax return.

Here’s how you can download Form 16B

Is it possible to revise Form 26QB?

Yes, the government has facilitated to revision of this form by login into their TRACES account and making the corrections as required.

What if TDS is not deducted on the purchase of property?

If the buyer fails to deduct or deposit the TDS amount to the government, the buyer is liable to pay interest of 1.5% per month or part of the month till TDS is not deducted or deposited. Additionally, a late fee of ₹200 per day will be levied till the date Form 26QB is not filed.

Read more about Form 26QB: TDS on Sale of Property - Learn by Quicko.

If any queries, ask them out here!

I am trying to file correction request for Form 26QB, however, the request keeps getting failed. Any particular reason? I dont see anywhere in the internet that the correction request can get failed.

Hi @Kajal7993

Could you please confirm the steps for the correction request of Form 26QB?

  1. Visit the TRACES website and log in to your account using your User ID and Password.
  2. Once you have logged in, select the “Defaults” option from the main menu.
  3. Navigate to 26QB > Online Correction
  4. Enter the required details such as the Financial Year, Form Type, Challan Serial Number, and PAN of the deductor and the deductee.
  5. After filling in the details, click on the “Proceed” button.
  6. You will now be taken to the correction request form, where you can make the necessary changes.
  7. Make the required corrections and validate the details entered.
  8. After validation, click on the “Submit” button to send the correction request.

You will receive a confirmation message stating that your correction request has been submitted successfully.

Buyer of property can only submit request and file correction.

Hi @Muskan_Balar
Thank you for your reply. I followed the same steps. Please refer to the attachment to view the failed requests.

Hi @Kajal7993

Your query seems to be user specific. We would not be able to give a solution from this table.

Here, you can book a MEET where a dedicated tax expert can connect with you over a video call, understand your queries, and help you with a correction request of Form 26QB.

I just generated 26qb correction request but how will the seller approve the correction request ?

Hi @Shubhamsharma,

For seller approval of PAN under correction request of 26QB, the seller will have to login to Income Tax Portal > Pending Actions tab. Select Worklist and the request will appear in For Your Action tab, and the seller can approve the request here.

Hope this helps.

I’ve submitted a 26qb correction in Traces on 12th May and it’s status shows Pending for Approval with seller. But it’s 18th today and the seller still hasn’t gotten any request. Does it take some time before it shows up on his pending action list? Thanks