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Once you register, whether you are a seller or a buyer, you will be able to obtain your approved Form 16B or Form 26QB. You will see that your payment is reflected in Part F under “Details of Tax Deducted at Source on Sale of Immoveable Property u/s 194(IA) [For Buyer of Property]”.This gives you details such as TDS certificate number (which TRACES generates), name and PAN of deductee, transaction date and amount, acknowledgment number (which is the same as the one on your Form 26QB), date of deposit and TDS deposited.After your payment in Form 26AS has been reflected, login to TRACES.Go to the Download tab at the tab and click on Application for Request of Form 16B.The bank will get the challan details from the online form filled on Once the Payment is made now the dedcuctor is required to issue TDS certificate in form 16B to the seller of the Property.For example, if a property is bought for Rs 70 lakh then TDS has to be deducted on the entire amount–that is Rs 70 lakh, not on just the Rs 20 lakh that exceeds the Rs 50 lakh threshold. How do I procure TAN to report the TDS on sale of property? Neither the buyer, nor the seller is required to procure the TAN for deducting TDS on the sale and purchase of the property.

You should be able to see that the status of your Form 16B or Form 26QB download request is Available.The bank will get the challan details online from the form filed on Do I have to file Form 26QB if the payment and registration of the property was done before May 2013?Similarly, if there are two buyers and two sellers, then four forms will have to be filled in. Should i deduct TDS on the amount exceeding the property value of Rs 50 lakh or the entire amount at which I have bought the property?TDS has to be deducted by the buyer on the entire amount that is paid or credited to the seller when the amount exceeds Rs 50 lakh.

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