TDS
This query is : Resolved
Quick Summary
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,
purchase date: 22nd Nov, 1999
purchase price : 2,60,400
sellling price : 21,08,000
Thank you very much,
CA R SEETHARAMAN
(Expert)
09 June 2020
TDS of 20% plus SC and cess applicable on entire sale value. File return and claim refund of excess TDS.
09 June 2020
sir, but sale value is less then 50 lakhs..even then is TDS applicable.?
CA R SEETHARAMAN
(Expert)
10 June 2020
50 lacs limit not applicable to nonresdent.
20% TDS applicable for sale of property by nonresdent.
20% TDS applicable for sale of property by nonresdent.
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10 June 2020
Sir, if you are person of Indian origin than in my opinion 20% TDS plus CESS on LTCG is applicable.
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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.
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
(Expert)
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.
If you come to India for a short visit to sell the property you will be considered as nonresdent.
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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
(Expert)
10 June 2020
Capital gains tax will be adjusted against TDS deducted and balance amount will be refunded on filing ITR.
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