Tds on purchase of property from nri
This query is : Resolved
15 March 2018
Hello All
My client purchased a property from a NRI . He has to deduct TDS and to deposit the tax to Govt. I am not able to guide him at what rate he should deduct and which form we will choose for deposit the amount.
NRI Party has not having pan No also. Pl guide what documents required for doing so.
Regards
My client purchased a property from a NRI . He has to deduct TDS and to deposit the tax to Govt. I am not able to guide him at what rate he should deduct and which form we will choose for deposit the amount.
NRI Party has not having pan No also. Pl guide what documents required for doing so.
Regards
K Srinivas, CMA CS
(Expert)
16 March 2018
Check whether the transaction is long term or short term capital transaction for the nri seller.
K Srinivas, CMA CS
(Expert)
16 March 2018
If Long term, TDS will be 20.66% of the sales consideration (not on capital profit but on Sales consideration).
K Srinivas, CMA CS
(Expert)
16 March 2018
If short term, 33.99% of sales consideration will be tax deductible at source
K Srinivas, CMA CS
(Expert)
16 March 2018
Buyer should have valid TAN
K Srinivas, CMA CS
(Expert)
17 March 2018
Form 27Q is the applicable form
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