The 60-second version
Section 206CF requires parking lot seller to collect TCS on sale consideration — returning NRIs operating mall or hospital parking concessions must file Form 27EQ quarterly.
Parking TCS is on outright sale — long-term lease may fall under different TDS lane
Section 206CF applies when you sell parking lot for consideration — buyer PAN mandatory for TCS credit.
Returning NRIs operating hospital or mall parking concessions must obtain TAN and file Form 27EQ before first quarter ends.
Motor vehicle lane: Section 206CD guide for car dealer TCS.
206CF matrix
| Transaction | Compliance | Form |
|---|---|---|
| Outright sale | PAN + TCS | 27EQ |
| Lease > 30y | TDS 194-I debate | 26Q |
| Non-filer buyer | 206CCA rate | 27EQ |
| Penalty miss | 206CA | AO notice |
Compliance
TAN
Apply if new seller.
Buyer PAN
Collect each sale.
Collect TCS
206CF or 206CCA.
File 27EQ
Quarterly.
Municipal NOC
If required by city.
Flow
206CF kit
- TAN.
- Sale deed.
- Buyer PAN.
- 27EQ.
- Municipal receipt.
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Sale vs lease
206CF covers sale of parking lot — long-term lease may trigger Section 194-I rent TDS instead; verify transaction character with CA.
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206CF vs GST?
Parking service GST may apply separately — TCS is income-tax collection on sale.
206CCA?
Higher TCS if buyer failed prior ITR filing.
Multi-level?
Each outright sale triggers 206CF — aggregate per buyer per FY.
RNOR?
Collection obligation applies if you are registered seller.
Penalty?
Section 206CA if TCS not collected or deposited.
Stamp duty?
State stamp duty on immovable property sale applies separately.
Your tax year is already running.
RNOR status, exit timing, and DTAA benefits all depend on decisions you make before you land. Don't guess.