Answer

1. F

   Facts

   A buyer of property of ₹50 lakh or more must deduct 1% TDS under Sec 194IA (now Sec 393(1) Table Sl. No. 3(i)) and file Form 26QB (now Form 141) within 30 days from the end of the month of deduction. Late filing attracts ₹200 a day under Sec 234E (now Sec 427), capped at the TDS amount.

2. P

   Provisions and law

   • Sec 194IA, Income-tax Act 1961 (now Sec 393(1) Table Sl. No. 3(i), Income-tax Act 2025)Buyer deducts 1% TDS on purchase of immovable property of ₹50 lakh or more
   • Sec 234E, Income-tax Act 1961 (now Sec 427, Income-tax Act 2025)Late fee of ₹200 a day for a late TDS or TCS statement, capped at the TDS or TCS amount
   • Sec 201(1A), Income-tax Act 1961 (now Sec 398(3), Income-tax Act 2025)Interest at 1% a month for late deduction and 1.5% a month for late payment after deduction
3. A

   Analysis

   Example: payment of ₹80 lakh on 10 March 2026 with TDS of ₹80,000; Form 26QB was due by 30 April 2026. Filed on 20 May 2026, it is 20 days late, so a fee of ₹4,000. If the TDS was also deposited late, interest at 1.5% a month applies. Pay the demand through TRACES or e-Pay Tax, then issue Form 16B to the seller.

4. C

   Conclusion

   1. 1Log in to TRACES as taxpayer (buyer PAN)
   2. 2Check the default for the 26QB acknowledgement
   3. 3Pay the fee and interest using the demand payment option
   4. 4Download Form 16B (now Form 132) and give it to the seller
   5. 5Keep the challan and Form 16B with the sale deed

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.