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JASMINE KAUR HUDA

Assistant General Manager

Published on: May 29, 2026

Filing of Form 141 for TDS on Purchase of Property - Complete Guide


Introduction

Under the Income-tax Act, 2025, the government has introduced a new consolidated challan-cum-statement known as Form 141. This form replaces various earlier TDS forms including Form 26QB used for deduction of TDS on purchase of immovable property.

Any buyer purchasing immovable property above the prescribed threshold is required to deduct TDS and deposit the same using Form 141.

This article explains the applicability, due dates, filing procedure, and important practical aspects related to Form 141.

What is Form 141?

Form 141 is a consolidated challan-cum-statement introduced under the new Income-tax Act, 2025 for reporting certain TDS transactions.

It replaces the following forms:

  • Form 26QB – TDS on purchase of property
  • Form 26QC – TDS on rent payments
  • Form 26QD – TDS under section 194M
  • Form 26QE – TDS on virtual digital assets

For property transactions, Form 141 is now used for depositing TDS deducted on purchase of immovable property.

Applicability of TDS on Purchase of Property

TDS provisions apply when:

  • Any person purchases immovable property (other than agricultural land);
  • Sale consideration or stamp duty value exceeds ₹50 lakh.

The provisions are applicable on:

  • Residential flats
  • Commercial properties
  • Office premises
  • Land (other than agricultural land)
  • Buildings

Rate of TDS

The buyer is required to deduct TDS at:

  • 1% of sale consideration; or
  • 1% of stamp duty value,

whichever is higher.

If PAN of seller is not available, higher TDS provisions may become applicable as per the Act.

Who is Required to Deduct TDS?

The responsibility to deduct TDS lies on the buyer of the property.

The buyer must:

  1. Deduct TDS at the time of payment or credit, whichever is earlier;
  2. Deposit TDS through Form 141;
  3. Issue TDS certificate to the seller.

Due Date for Filing Form 141

Form 141 must be filed within:

30 days from the end of the month in which TDS is deducted.

Example

  • Date of payment to seller: 12 July 2026
  • TDS deducted on same date

Due date for filing Form 141:30 August 2026

Information Required for Filing Form 141

The following details are generally required:

  • PAN of buyer
  • PAN of seller
  • Property address
  • Agreement date
  • Total consideration value
  • Stamp duty value
  • Amount paid
  • TDS amount
  • Mobile number and email ID

Correct PAN details are mandatory to avoid defaults and credit mismatches.

Step-by-Step Process to File Form 141

Step 1 – Visit Income Tax Portal

Login to the prescribed income tax payment/compliance portal.

Step 2 – Select Form 141

Choose the option for filing challan-cum-statement under Form 141.

Step 3 – Enter Transaction Details

Fill:

  • Buyer details
  • Seller details
  • Property details
  • Payment details
  • TDS amount

Step 4 – Verify Details

Carefully check:

  • PAN numbers
  • Property value
  • TDS amount
  • Assessment year

Step 5 – Make Payment

Payment can be made through:

  • Net banking
  • Debit card
  • Authorized bank channels

Step 6 – Generate Challan Acknowledgment

After successful payment:

  • Challan acknowledgment is generated;
  • Transaction reference number is allotted.

This acknowledgment should be preserved for future reference.

TDS Certificate under New Act

Under the new Income-tax Act, 2025:

  • Earlier Form 16B has been replaced by Form 132.

The buyer is required to download and issue Form 132 to the seller within the prescribed time limit.

Important Practical Points

1. TAN Not Required

For TDS on purchase of property:

  • Buyer is not required to obtain TAN.
  • PAN of buyer and seller is sufficient.

2. Joint Buyers and Sellers

Where multiple buyers or sellers are involved:

  • Separate compliance may be required for each buyer-seller combination.

Example:

  • 2 Buyers × 2 Sellers = 4 separate reporting entries.

3. TDS on Installment Payments

If payment is made in installments:

  • TDS must be deducted on each installment/payment.

4. Purchase from NRI Seller

The provisions relating to Form 141 for property purchase generally apply to resident sellers.

In case seller is Non-Resident:

  • TDS provisions applicable to non-residents apply separately;
  • Different rates and procedures are followed.

Interest, Late Fees and Penalties

Interest for Non-Deduction

  • 1% per month for failure to deduct TDS.

Interest for Late Payment

  • 1.5% per month for delay in deposit after deduction.

Late Filing Fee

Late filing fee may apply for delay in submission of Form 141.

Penalty

Penalty provisions may also apply in case of non-compliance or incorrect reporting.

Common Errors While Filing

Some common mistakes include:

  • Wrong PAN details
  • Incorrect property value
  • Wrong assessment year
  • Incorrect share allocation among buyers/sellers
  • Delay in filing
  • Failure to issue TDS certificate

Proper verification before submission is very important.

Conclusion

Form 141 is a major compliance change introduced under the Income-tax Act, 2025. It replaces earlier forms including Form 26QB and provides a consolidated reporting mechanism for specified TDS transactions.

Buyers purchasing property above ₹50 lakh must ensure:

  • Proper deduction of TDS,
  • Timely filing of Form 141,
  • Correct reporting of details, and
  • Issuance of TDS certificate to seller.

Timely compliance helps avoid interest, penalties, and future litigation while ensuring smooth credit of TDS to the seller. 

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