Form 26QB Guide: Download, Fill & File TDS on Property Sale

3 min 13 Mar 2025

Highlights:

When is Form 141 Required to Be Filed?
Step-by-Step Guide to Paying TDS Using Form 141
How to Access and Download Form 141
Penalties for Non-Compliance with Form 141 Filing

Form 141 is a challan-cum-statement required to be filed for the deduction of Tax Deducted at Source (TDS) on the sale of immovable property in India. As per Section 393(1) [Table: Sl. No. 3(i)] of the Income Tax Act, 2025, buyers are required to deduct TDS at the rate of 1% on transactions where the sale value of the property exceeds Rs.50 Lakh. This form facilitates the online payment of TDS and the submission of details related to the transaction.

When is Form 141 Required to Be Filed?

Buyers must file Form 141 in the following cases:

When purchasing an immovable property (land, building, or part of a building) valued at Rs.50 Lakh or more
The payment should be made by a resident buyer to a resident seller
The TDS amount must be deducted at the time of making payment to the seller
Form 141 must be filed within 30 days from the end of the month in which TDS was deducted

Step-by-Step Guide to Paying TDS Using Form 141

Visit the official TIN NSDL portal and select the ‘TDS on Property (Form 141)’ option.
Fill in the required details, including:
- Buyer and seller’s PAN details
- Property details and transaction amount
- TDS amount deducted
Select the mode of payment:
- Online payment through net banking (immediate payment option)
- e-Payment via bank branches (challan generated for offline payment)
Submit the form and generate an acknowledgment number.
Download the challan and keep it as proof of TDS payment.

How to Access and Download Form 141

Visit the TRACES portal

Navigate to ‘Downloads’ and select ‘Form 141 (for buyer)’

Enter the relevant transaction details, submit and download the form

Penalties for Non-Compliance with Form 141 Filing

Failing to file Form 141 or delay in TDS payment can attract penalties:

Late Filing Fee (Section 427): Per day late filing fee until the TDS return is filed
Penalty (Section 461): This penalty will be levied in case of failure to file within one year. However, not applicable if TDS is deposited with interest before one year from the due date.

Filing Form 141 ensures compliance with tax regulations and helps avoid penalties, making it important in property transactions.

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