Form 16 B is a TDC Certificate which shows the amount of tax deducted at source on the property deposited by the buyer to the income tax department. At the time of sale, he will have to deduct TDS of the immovable property. IT is usually 1% of the amount that buyer has paid to the seller. This amount is further deposited in the department.
After these deposits, the buyer issues Form 16B to the seller. This works as a shred of evidence that TDS has been deducted on the property filed with the government. Where form 16 shows the deduction of TDS from salary, 16A shows TDS inferred from all other type of payments and form 16B shows TDS deducted from the property sale.
One can download this form from the website TRACES. The buyer has to fill in details in the form 26QB and deposit TDS after which he will be able to down the 16B form online. Let us find out the procedure of acquiring the form in detail:
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