Tds on land purchase
This query is : Resolved
29 January 2019
My son-in-law is an NRI. He has an NRI account with Bank. He is proposed to buy a house plot for Rs.60 lakhs.
Since he is an NRI, is it necessary to deduct TDS out of the purchase value of Rs.60 lakhs? Please advise me about the procedures to be adopted in the said purchase.
Since he is an NRI, is it necessary to deduct TDS out of the purchase value of Rs.60 lakhs? Please advise me about the procedures to be adopted in the said purchase.
29 January 2019
yes he is required to deduct tds @1% as amount is more than 50 lakh and tds needs to be paid by filing 26qb form
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01 February 2019
Yes TDS applicable, he has to deduct 1% by filling Challan 26QB
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