Section 195 (3) tds at lower rate

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2014 NRI intends to sale property purchased 10 years ago for 10 lacs. Now on sale at Rs. 45 lacs he will earn capital gains 25 lacs. What is the form in which application can be made to the A.O. of deduction of tax at lower rate.
Tax on long term capital gains is 5 lac
TDS on NRI is 9 lacs.
Kindly guide

Rupesh Jain

Rupesh Jain (Expert)
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02 May 2014 you can apply in form -13 to assessing authority.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 May 2014 Querist - You need to first check whether you are even covered under 195(3). I believe you are not. Please refer Rule 29B. In case you are covered, file Form 15D. Otherwise, File form 13 as Rupesh
suggestedhttp://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/pdf/itr62Form15D.pdf

Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2014 Dear Nikhil can you specify as to why the case may not be covered.
195(3) say a recipient can approach.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 May 2014 I already told you to refer rule 29B.

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