For applicable property-transfer TDS involving a resident seller, the Income Tax Department now identifies Schedule B of Form 141 as the form for transfer of immovable property under the Income-tax Act, 2025. The transition applies to relevant credit or payment events from 1 April 2026. The new form changes the filing route and section reference; it should not be read by itself as a new TDS rate.
What Form 141 changes
The Income Tax Department’s portal guide describes Form 141 as a consolidated challan-cum-statement for several PAN-based TDS transaction types. Schedule B is for transfer of immovable property and is identified by the portal as the successor to Form 26QB. The other schedules cover specified rent, contractor or professional payments, and virtual digital asset transfers.
A Form 141 submission records one transaction category. The guide says it is filed through a PAN login and applies only to resident deductees. For a property transfer, that means the buyer’s first check is whether the seller and transaction fall within the resident-deductee route described by the Department.
Check the transaction date and seller status
The Department’s TDS transition FAQ says events of credit or payment on or before 31 March 2026 continue under the earlier Act and forms; events on or after 1 April 2026 use the new Act’s process. The FAQ describes the wider TDS change as a consolidation of provisions and says rates and thresholds are largely the same, subject to the applicable provisions. A new form number is therefore not enough evidence that the tax amount changed.
If the seller is non-resident, pause before using this article’s resident route. The Form 141 guide limits the form to resident deductees, while non-resident property transfers follow a different TDS treatment. BestProp.ai’s separate note on the October TAN procedure change for non-resident sellers covers that distinct situation.
Is Form 141 the property TDS schedule?
Schedule B covers TDS on transfer of immovable property. The Department identifies it as the successor to Form 26QB under the new Act.
Does the new form mean a new property TDS rate?
Not by itself. The Department’s FAQ says rates and thresholds are largely unchanged under the new Act. Check the applicable statutory table and transaction facts before calculating a deduction.
Sources and limits
The Income Tax Department’s Form 141 guide describes Schedule B, the resident-deductee boundary and portal filing. Its TDS transition FAQs explain the 31 March/1 April 2026 transition. This is a process explainer, not a calculation for a specific sale; seller residency, dates, consideration and statutory thresholds matter.
BestProp.ai buyer read: confirm who the seller is and when the earlier credit or payment event occurred before selecting a form or computing TDS.