You’ve found the perfect home, the price is negotiated, and the keys are almost in reach. But before the celebration begins, there’s the matter of the 1% TDS (Tax Deducted at Source).
For years, homebuyers had to follow the specific requirements of Form 26QB, especially in joint transactions, where the process worked on a one-to-one filing structure.
For instance, if you bought a property from three sellers, you had to file three separate forms and make three separate TDS payments.
Happy to say that’s finally beginning to change.
The Income Tax Act, 2025 aims to simplify the tax system as new forms were added whenever provisions changed. So, similar forms existed for slightly different taxpayers and people had to remember which form applies to whom.
So, instead of multiple Form 26QB submissions depending on the number of parties involved, you will now use a single, simplified declaration: Form 141 for specified transactions, including reporting TDS on property.
Here’s what has changed and how Form 141 compares with the old 26QB Form.
Why Form 141 was introduced?
Over time, a new form was introduced each time a specific TDS rule was added. This led to a fragmented filing system where similar transactions such as paying high rent, buying property, or hiring professionals required entirely different processes.
Form 141 streamlines this by consolidating multiple TDS reporting requirements into one filing framework. The form brings four key categories together under dedicated schedules in Part B:
- Schedule A – High-value rent: TDS on rent paid by individuals/HUFs not subject to tax audit
- Schedule B – Property purchases: TDS on the purchase of immovable property
- Schedule C – Contractor and professional payments: Payments for professional services or works contracts by individuals/HUFs not under tax audit
- Schedule D – Virtual Digital Assets (VDAs): TDS on transfers of crypto assets and NFTs
For property buyers, Schedule B simplifies how transactions are reported. It introduces deductee-wise reporting tables. So, instead of filing multiple forms, you simply list every person involved in the deal in one place.
Additionally, it replaces the ambiguous ‘Total Stamp Duty Value’ field with the ‘Proportionate amount of stamp duty value,’ so the reported figures reflect each person’s actual ownership share in the property.
Difference between Form 26QB and Form 141
To understand how much easier your next property purchase will be, here is a side-by-side comparison of the forms:
| Feature | Form 26QB | Form 141 |
|---|---|---|
| Applicability | Used only for TDS on property reporting | Covers property TDS (Schedule B) along with other specified payments |
| Filing (multiple sellers) | Separate forms for each seller. | Single form for all sellers |
| Tracking period | Based on Financial Year (FY) | Uses the Tax Year |
| Stamp duty reporting | Required “Total stamp duty value” (often ambiguous). | Requires “Proportionate amount of stamp duty value” for each seller |
| Form structure | Standalone property-specific form | Consolidated form with dedicated schedules |
| Payment process | Separate challan payment for each form | One consolidated challan payment |
This makes property-related TDS filing more streamlined and easier to manage.
How these changes will help you?
For reporting TDS on property, Form 141 will help you in three clear ways:
1) No more multiple forms
Earlier, each seller meant a separate filing. Now, one Form 141 covers all sellers in a transaction, reducing paperwork and filing time.
2) Lower risk of errors and tax notices
The form uses structured schedules and real-time validations linked with income tax database, reducing mistakes like incorrect PAN entries, or mismatched details.
3) One payment instead of many
Previously, every Form 26QB required a separate payment. Now, you make a single consolidated TDS payment.
What this means for taxpayers?
Here’s what to keep in mind:
- Form 141 applies to transactions from 1 April 2026 onward.
- You must file within 30 days from the end of the month in which TDS is deducted.
- The 1% TDS and the ₹50 lakh threshold based on sale value or stamp duty value stays the same, only the reporting format has changed.
We’ve attached the draft version of Form 141 below so you can get a head start on what the new format looks like.
Draft Form 141.pdf (1.3 MB)
If you want a deeper understanding of Form 141, we got you covered: What is Form 141? TDS return for property, rent, and other specified payments