Tds on immovable property

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nitinsingh

nitinsingh (Querist)
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27 August 2013
IS TDS ON IMMOVABLE PROPERTY IS APPLICABLE TO NRI PERSON AND HE LIABLE TO DEDUCT TDS OF SALLER OR NOT

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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27 August 2013 An NRI purchasing an immovable property has to deduct income tax from the payment to the seller as per the provisions of section 194IA.

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nitinsingh

nitinsingh (Querist)
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27 August 2013 why give reason

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 August 2013 Section 194-IA starts with the word "ANY PERSON responsible for paying to a resident transferor......"

There are 2 conditions here:

1. Transferor must be a RESIDENT.
2. Transferee (Buyer) can be any person. Any person includes non-resident also.

Accordingly if a non-resident purchases property from a resident he is required to deduct TDS u/s 194-IA.

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