Tds on capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2016 Hi,

My client is a resident, & he had purchased a capital Assets (Land & Building) from Non-Resident Indian on Rs. 75 Lacs on 15.03.2016. The amount of Capital gain is Rs. 7,48,431.34 /- . And he had deducted TDS on the same of Rs. 1,54,176.86 @ 20.6% u/s 195. My client has deposited the same amount on bank as TDS deducted under section 195.

So should he file TDS return (27Q) under section 195 for NRI or the Tax amount should be shown as self assessment tax while filing ITR of NRI.

Please Clarify,

Thanks in Advance,

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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21 April 2016 Buyer has to obtain TAN by filling form 49B, for long term CG tds to be deducted @ 20.6% in case of short term @33.99%
TDS to be remitted nature of transaction u/s 195
Within 7 days from completion of payment. Others wise you have to pay Penalty 1.5% P.M from date of transaction to tds remittance.

End of quarter form 27Q to be filled within due date. If payment made by Installment. TDS to be deducted for each Installment and for same quarterly 27Q to be submitted for Installment quarter.

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