Tds on purchase of immovable property fron non resident ?
This query is : Resolved
CA Abhishek Singh
(Querist)
15 May 2014
Hello everyone,
one of my client has purchased a residential house property from a non resident indian. (resident of canada)for Rs.1.50 crores.
since 194-IA is not applicable for deduction i am confused as to at what rate tax should be deducted and whether it is necessary to apply for TAN ?
waiting for the views of the experts.
one of my client has purchased a residential house property from a non resident indian. (resident of canada)for Rs.1.50 crores.
since 194-IA is not applicable for deduction i am confused as to at what rate tax should be deducted and whether it is necessary to apply for TAN ?
waiting for the views of the experts.
CA Kedar Sakhardande
(Expert)
15 May 2014
Hello
in case of your client section 195 is applicable (and not section 194IA)
You have to obtain TAN Number deduct tax at prescribed rate, file TDS Returns and once the transaction is complete you can surrender the TAN No
You are liable to deduct tax @ 20% (in case the seller produces low deduction or no deduction certificate , then you have to deduct tax at those rates or nil rate)
Regards
in case of your client section 195 is applicable (and not section 194IA)
You have to obtain TAN Number deduct tax at prescribed rate, file TDS Returns and once the transaction is complete you can surrender the TAN No
You are liable to deduct tax @ 20% (in case the seller produces low deduction or no deduction certificate , then you have to deduct tax at those rates or nil rate)
Regards
Message likes :
1 times
15 May 2014
he must invoke section 195 as all the transaction with nri is dealt here except for salary.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Capital gains in IT returns
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Applicability of tax on invoice
- Capital Gains Tax on Inherited Mutual Fund
- Form 144 TDS Return Validation Error – Mandatory Fields
- Form 144 TDS Return Validation error
- GSTR9 Annual Return
- LLP audit and disclosure
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
