TDS on agricultural property owned by NRI
This query is : Resolved
Quick Summary
Rajasekhar Bhetala
(Querist)
30 March 2024
I am buying an agricultural property owned by an NRI for an amount greather than 50 lakhs.
Should I pay TDS for the agricultural property considering it is owned by an NRI residing outside India for more than 180 days in a year ?
Should I pay TDS for the agricultural property considering it is owned by an NRI residing outside India for more than 180 days in a year ?
CA R SEETHARAMAN
(Expert)
31 March 2024
If you are buying rural agricultural land, then no TDS is applicable since such land is not considered a capital asset.
05 April 2024
You are dealing with NRI and agricultural land here- make sure the provisions of FEMA are adhered to.
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