Section 194IA plays a crucial role in ensuring transparency in property transactions. Under this provision, when buying an immovable property (excluding agricultural land) valued at ₹50 lakhs or more, the buyer must deduct 1% Tax Deducted at Source (TDS) from the payment amount. This TDS is then deposited with the government through Form 26QB. Proper compliance with Section 194IA is essential to avoid penalties.
Filing Form 26QB
Form 26QB is a challan-cum-return form used to deposit the TDS deducted during property transactions. The filing is straightforward:
Visit the official TIN NSDL website.
Select Form 26QB under the e-payment section.
Fill in buyer and seller details, property value, and TDS amount.
Pay the TDS online.
After payment, download the acknowledgment and issue Form 16B to the seller.
Complying with Section 194IA ensures legal transparency and prevents tax evasion.
Benefits of Bajaj Finserv Home Loans
If you're looking for home financing options, Bajaj Finserv's Home Loan offers unmatched benefits. With easy approval, minimal documentation, competitive interest rates, and flexible tenures, Bajaj Finserv is a preferred choice among homebuyers. Additionally, you can enjoy a high loan amount of up to ₹5 crores and the convenience of online account management throughout the tenure.
How to Apply for Bajaj Finserv Home Loan
To apply for Bajaj Finserv Home Loan, visit the official Bajaj Finserv Home Loan page. Check your loan eligibility online, upload the necessary documents, and submit the application digitally. The process is hassle-free and time-efficient.
Read Also:- How a Home Loan EMI Calculator Helps You Plan Repayments Effectively
Conclusion
In conclusion, adhering to Section 194IA during property transactions is mandatory, and filing Form 26QB is simple when followed correctly. Moreover, Bajaj Finserv Home Loans provide a seamless path to property ownership, making your dream home purchase smooth and convenient.
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