Following are the points to be remembered by the buyer of the property:
- Deduct TDS @ 1% on the total sale consideration.
- Collect the Permanent Account Number (PAN) of the Seller and verify the same with the Original PAN card.
- PAN of seller as well as Purchaser/buyer should be mandatorily furnished in the online Form 26QB (statement cum challan form) for furnishing information regarding the sale transaction of valid PANs.
- Do not commit any error in quoting the PAN or other details in the online Form 26QB (statement cum challan form) as currently there is NO online mechanism for rectification of any error.
- Verify tax deducted and deposited from Part F of your Form 26AS Annual Tax Statement.
- Note down 9 digits alphanumeric acknowledgment number generated on filing of 26QB which is required for placing request of form 16B.
- Download form 16B From TRACES portal and issue it to the seller of the property.