Tds on nri
This query is : Resolved
02 August 2014
Hi
I have a friend in Australia, Ashish. He owns a land here in India which will be developed by my company. Whatever flats will be sold, money will be deposited into Ashish's NRO A/c directly by the buyer.
I wanted to know the Tax implication at the time of deposit of money into NRO A/c and also while transferring funds from NRO to NRE
Will individual buyer have to apply for TAN in order to be able to deduct Tax
What will be the applicable tax rates for each kind of transaction
I have a friend in Australia, Ashish. He owns a land here in India which will be developed by my company. Whatever flats will be sold, money will be deposited into Ashish's NRO A/c directly by the buyer.
I wanted to know the Tax implication at the time of deposit of money into NRO A/c and also while transferring funds from NRO to NRE
Will individual buyer have to apply for TAN in order to be able to deduct Tax
What will be the applicable tax rates for each kind of transaction
03 August 2014
Case is analysed as follows:
1. Land of NRI
2. Flat built by others
3. Sold the flat
Clarifications:
Anish require money to built the house on his land. So he should give NRI money for this or take loan from Builder /Friend.
Sale proceed of Land /flat owned in India for NRI will be call for full tax ( 33% or more pl. check it ) for money deposited in NRO .
Funds from NRO to NRE will have no tax as u are already paying tax on it through NRO account.
1. Land of NRI
2. Flat built by others
3. Sold the flat
Clarifications:
Anish require money to built the house on his land. So he should give NRI money for this or take loan from Builder /Friend.
Sale proceed of Land /flat owned in India for NRI will be call for full tax ( 33% or more pl. check it ) for money deposited in NRO .
Funds from NRO to NRE will have no tax as u are already paying tax on it through NRO account.
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