What is Form No. 16B?

What is Form No. 16B?

A buyer of a property has to deduct TDS before paying the seller, and deposit this amount with the income tax department. Form 16B is a Certificate of this TDS, which must be given to the seller. When a taxpayer sells an immovable property for a sale consideration more than Rs. 50 lakhs, the person purchasing is required to deduct tax at the rate of ONE percent of the sale value. After deduction, the purchaser has to issue Form 16B to the seller indicating the details of the transaction. It is basically a proof to show the seller that the TDS deducted on the property has been deposited with the government. Below is a sample Form 16B



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