Tds when buying property from nri
Pramod Menon (Business Review Manager) (27 Points)
25 October 2016Pramod Menon (Business Review Manager) (27 Points)
25 October 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 25 October 2016
If you are buying property (such as site or house or flat) from a NRI, you have to do TDS (Tax Deducted at Source) @ 20.6% on the sale value of the property, as per section 195. The seller or the buyer can apply to Income Tax department for determination of the amount of tax on capital gain, by filling form 13. Based on the certificate of lower deduction issued by the Income Tax Officer, the seller can deduct lower taxes.
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