Answer

1. F

   Facts

   Most property buyers do not know they are legally required to deduct 1% TDS from the payment to the seller and file Form 141 (old Form 26QB). This is one of the most commonly missed TDS obligations in India.

2. P

   Provisions and law

   • Sec 393(1) (old 194IA)
   • Rule 218 (old Rule 30)
   • Rule 31B
   • Sec 398(3) (old 201(1A))
3. A

   Analysis

   Who files Form 141 (old Form 26QB): The BUYER. Not the seller, not the builder, not the bank. Even if you take a home loan, you (the buyer) must deduct 1% and file Form 141 (old Form 26QB). Multiple sellers: If husband and wife both sell jointly, separate Form 141 (old Form 26QB) for each seller. Each Form 141 (old Form 26QB) is for their respective share (typically 50% each). Two 26QBs, each at 0.5% of total = 1% total. Multiple payments: If you pay ₹10L booking, ₹40L on registration, ₹30L balance, file a separate Form 141 (old Form 26QB) for EACH payment within 30 days of that payment. Threshold ₹50L is TOTAL, not per payment. NRI seller: Section 393, Income-tax Act 2025 (old Sec 195) applies instead of Sec 393(1) Table Sl. No. 3(i) (old Sec 194IA). TDS rate is 20-30% (LTCG or STCG rate). CA essential for NRI seller transactions. Form 141 (old Form 26QB) filing: incometax.gov.in → e-Pay Tax → TDS on Property (Form 141, old Form 26QB). Fill buyer PAN, seller PAN, property address, consideration, payment date. Pay online. Form 132 (old Form 16B) downloadable from TRACES portal 5-7 days later.

4. C

   Conclusion

   1. 1Confirm total property consideration, if above ₹50L, TDS mandatory on first payment itself
   2. 2Collect seller's PAN card, mandatory for Form 141 (old Form 26QB)
   3. 3Calculate 1% of consideration for each payment
   4. 4Deduct 1% from each payment BEFORE paying seller (not after)
   5. 5File Form 141 (old Form 26QB) on IT portal within 30 days of each payment
   6. 6Pay TDS via Challan in Form 141 (old Form 26QB; net banking)

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