Remittance to nri for purchase of property
This query is : Resolved
02 May 2012
Hi
Suppose X is a person of Indian Origin and his status is NRI.
B is purchasing property of x in INdia.
AS per section 195, TDS is need to be deducted while making payment to NRI. In above case whether TDS is to be deducted on Amount paid or Capital Gain. Also X is propsing to invest money as per section 54 and 54EC. He is insisting not to deduct TDS on above amount.
What will be the line of action.
Suppose X is a person of Indian Origin and his status is NRI.
B is purchasing property of x in INdia.
AS per section 195, TDS is need to be deducted while making payment to NRI. In above case whether TDS is to be deducted on Amount paid or Capital Gain. Also X is propsing to invest money as per section 54 and 54EC. He is insisting not to deduct TDS on above amount.
What will be the line of action.
02 May 2012
Ask NRi to obtain nil withholding certificate from tax office. Based on that certificate u can make payment without tds
13 May 2012
Thanks, Amit
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