What is Form 16B?

Form 16B is a TDS certificate issued by the buyer to the seller of a property. Form 16B contains the details of tax deducted and deposited on property consideration paid to the seller.

After the amount has been deposited with the Income Tax Department, the buyer will have to issue Form 16B to the seller.

It usually takes 15 days from the date of furnishing Form 26QB. That a return/challan for payment of TDS to the government.