Tds on property sold by nri

This query is : Resolved

Sanjiv Chawra (Querist)
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25 February 2020 My relative is a foreign citizen and has sold a residential property in pune for 69lacs to an in indian citizen in Jan 2020. But the agreement was done by power of attorney, and the buyer had wrongly deducted 1% tds. Now I came to know that he should have deducted as per NRI. Now what should be done. Please suggest.

Amol S Joglekar

Amol S Joglekar (Expert)
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25 February 2020 now you can deduct in the month of feb, the difference

Sanjiv Chawra

Sanjiv Chawra (Querist)
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25 February 2020 You mean that I should pay the rest 19% tds in this month?
Then do we have to make a correction deed with the registrar?

Amol S Joglekar

Amol S Joglekar (Expert)
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25 February 2020 01. why to make correction deed?
02. Is that NRI having indian PAN?

Sanjiv Chawra

Sanjiv Chawra (Querist)
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25 February 2020 If we pay 20% tds then the final figure will change in the deed as the buyer had deducted 1% tds.
Yes he was NRI since last 5 years and became a Swedish citizen last year.
Earlier we use file his ITR on Indian pan, but have not filed his last 2 years ITR as he had no income here in India.
Please suggest.

Amol S Joglekar

Amol S Joglekar (Expert)
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26 February 2020 Income from long term capital gain... rate of TDS is 10%
https://www.bankbazaar.com/tax/section-195.html
Now you can deduct 9 %.
(If full consideration has been paid, please ask the seller to pay 9%)

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