TDS

This query is : Resolved

123456 (Querist)
Follow

09 June 2020 Sir, i live in USA but have a property in India at Hyderabad, Lakdikapul. I am selling it this month. i have given GPA to my cousin, she will sign it on my behalf. please let me know if any TDS or capital gain tax is applicable on this. if so how much

purchase date: 22nd Nov, 1999
purchase price : 2,60,400

sellling price : 21,08,000

Thank you very much,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

09 June 2020 TDS of 20% plus SC and cess applicable on entire sale value. File return and claim refund of excess TDS.

123456

123456 (Querist)
Follow

09 June 2020 sir, but sale value is less then 50 lakhs..even then is TDS applicable.?

123456

123456 (Querist)
Follow

10 June 2020 Sir ..can you plz reply to my above query.. Thanks in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

10 June 2020 50 lacs limit not applicable to nonresdent.
20% TDS applicable for sale of property by nonresdent.

Message likes : 1 times

VISHNU PRASAD GHUWALEWALA

VISHNU PRASAD GHUWALEWALA (Expert)
Follow

10 June 2020 Sir, if you are person of Indian origin than in my opinion 20% TDS plus CESS on LTCG is applicable.

Message likes : 1 times

123456

123456 (Querist)
Follow

10 June 2020 Sir is it necessary for buyer to deduct TDS from sale amount at the time of payment,
can seller claim full refund of TDS later
in my case if i come to India and make the sale , will i still be treated a Non resident and TDS applicable.
because i have aadhar card as Id proof.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

10 June 2020 It's necessary for buyer to deduct TDS from sale amount at the time of payment, seller can claim full refund of TDS later if it's not taxable.
If you come to India for a short visit to sell the property you will be considered as nonresdent.

Message likes : 1 times

123456

123456 (Querist)
Follow

10 June 2020 Thank you so much sir.

123456

123456 (Querist)
Follow

10 June 2020 Sir, one more question..what about Capital gain tax..do I have to pay this also apart from TDS deduction by buyer

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

10 June 2020 Capital gains tax will be adjusted against TDS deducted and balance amount will be refunded on filing ITR.

Message likes : 1 times

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SARAVANAN PALANISAMY

Vishnu Agarwal

SHUBHANGI GOEL

Shivchandra Jakhotia

CA Lalit Kumar Agrawal

Subscribe Now

TDS

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA