With the Income-tax Act, 2025 now in full effect, the way we report TDS has changed. The Income Tax Department has streamlined the process by introducing a single integrated Form 141 by replacing multiple TDS forms.
The Income Tax Portal has also been redesigned to align with the new Act, therefore it’s essential to know how to navigate it while filing. Form 141 is divided into four dedicated schedules, each covering different types of payments such as TDS on rent, property purchases, etc.
In this thread, we’re focusing specifically on Schedule B, which applies to TDS on the sale or transfer of immovable property.
When to file Form 141 for TDS on property purchase?
You must file Form 141 and deposit the TDS within 30 days from the end of the month in which the payment was made. For example: If you paid the seller on April 15th, the deadline to complete the filing process is May 30th.
After filing, you must download Form 132 (TDS certificate) from the TRACES portal and provide it to the seller within 15 days from the due date of filing Form 141.
Before we dive into the filing steps, you might want to check out What is Form 141? TDS return for property, rent, and other specified payments to understand the basics, or see how it compares to the old system in this Form 141 vs. Form 26QB side-by-side.
Here’s how to get started with filing TDS on property purchases using Form 141:
- Log in to the Income Tax e-filing portal
- Navigate to e-File > e-Pay Tax
- Select Income-tax Act, 2025 > Continue
- Click on New Payment button to initiate the TDS reporting process
- Select the Form 141 tile > Proceed
- Now, choose your Deductee Type based on who you are buying the property from > Continue
- Select Corporate deductee if the seller is a company.
- Select Non-Corporate deductee if the seller is an individual, resident, or a firm.
Note: You can include multiple deductees in a single Form only if they all have the same deductee type. If you are buying from both an individual and a company, you must file two separate forms.
- You’ll see that your basic details will be pre-filled. You will need to specify:
- Transaction Year: The Tax Year of the purchase.
- Month of Deduction: The month you paid the seller or credited the amount.
- Nature of Transaction: Select Schedule B: TDS on sale/transfer of immovable property > Continue
- Now, enter the Property and Transaction Details in Part B of the form.
A) Property Information: Enter the complete address and type of property being transferred.
B) Property Value Details: Enter the registration date, stamp duty value, and total sales consideration. If the payment is made in instalments, fill in the specific instalment details.
C) Buyer Details: Click on Add Details to enter details of all buyers > Save
D) Seller Details: Click on Add Details to enter details of all deductees (sellers) > Save
E) Transaction and Tax Details: Enter the specific payment amount, applicable TDS rate, and date of credit/payment > Save
- Review the Tax Deposit Details summary > Continue to proceed with the TDS payment
- Now, select your preferred payment mode (Net Banking, UPI, or Debit Card) and pay the TDS
Next, carefully preview the details of the entire form and complete the payment.
Once the payment is successful:
- A Challan Receipt will be generated. You must download and save it, as it includes your BSR Code, Date of Payment, and Challan Serial Number as proof of payment.
- Since this is an integrated form, the portal will also generate a Form 141 Acknowledgement. Also save this for future reference, especially for any corrections.
Got questions or stuck at any step? Drop them below, we’ll help you out!