Sale of property by nri

This query is : Resolved

Vikas Makhnotra (Querist)
Follow

20 April 2017 One of my clients, who is a NRI wants to sell his property in India. The property is held in his name since 2004. He has an OCI card but no PAN card. As per my understanding the buyer has to deduct 20% TDS on the sales proceeds. The long term capital gain tax calculated comes out to be lower than the amount of TDS to be deducted. My queries are :-

1. Can the NRI claim refund of tax with OCI card without holding PAN card?
2. If yes, what is the procedure to claim such?

Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

20 April 2017 1. No, because TDS will not reflect in form 26AS of seller in the absence of PAN and for want of TDS in form 26AS refund will not be granted.

Message likes : 1 times

Vikas Makhnotra

Vikas Makhnotra (Querist)
Follow

20 April 2017 Thank you so much sir

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now