Flat sale by Not ordinarily Resident in India -TDS
This query is : Resolved
Quick Summary
19 January 2022
Can I buy flat from Not Ordinary Resident in India or Person of Indian origin from Dubai .Cost of flat 55 lakhs,how much TDS to be deducted and other documents required.
19 January 2022
As per Section 6(6)(a) of Income Tax Act, 1961 an individual is a NOR if an individual who has been a non-resident in India in 9 out of 10 previous years preceding that year, or has during the seven previous years preceding that year been in India for a period of 729 days or less.
Do you mean to say the person is not ordinary resident as per the said definition?
If yes, sec. 194-IA would be applicable.
Do you mean to say the person is not ordinary resident as per the said definition?
If yes, sec. 194-IA would be applicable.
19 January 2022
Yes sir NOR as per above definition under 6(6)(a).Can I buy flat from him and deduct TDS at 1%.
19 January 2022
Yes, you can buy from RNOR without any doubt, with TDS deducted at 1%.
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