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TDS ON RENT PAYMENT TO NRI

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06 August 2024 MY CLIENT HAS TAKEN A PROPERTY ON RENT FROM A NRI .HE IS DEDUCTING TDS @31.20% AND DEPOSITING THE BALANCE AMOUNT IN HIS INDIAN ACCOUNT WHICH IS WITH ICICI BANK. MY QUESTION IS WHETHER HE IS REQUITED TO FILE 15 CA ALSO AS HE IS NOT TRANSFERRING THE RENT IN FOREIGN EXCHANGE.
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Dhirajlal Rambhia online

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Dhirajlal Rambhia online (Expert)
06 August 2024 No. Not applicable when not transferring the amount to any foreign bank account.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 August 2024 a resident tenant would not be able to transfer rent to the NRE account. So the rent will end up in a NRO account only. Your client is doing the right thing.

The Form 15CA etc will apply. if the rent exceeds Rs 5 lakhs, 15CB shall apply too.

For reference: This is ICICI bank website link for their position on NRO/NRE account, Rent and applicable TDS.https://www.icicibank.com/nri-banking/nriedge/nri-articles/nris-guide-to-renting-out-property-in-india
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