TDS on Purchase of Property From NRI after 23.07.2024

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This discussion clarifies the TDS rate applicable when purchasing property from an NRI after July 23, 2024. If the property was held for over two years, the TDS is 12.5% plus surcharge and cess on the sale consideration, unless a lower deduction certificate is obtained. For NRI property sales, indexation benefits are available for calculating capital gains on properties purchased before April 1, 2001, otherwise, tax is at 12.5% without indexation.

deepak mittal

deepak mittal (Querist)
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16 December 2024 What is rate of TDS on Purchase of Property from NRI Proposed date of purchase 20.12.2024

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 December 2024 If the holding of the property was more than two years, then 12.5%+surcharge + cess over the sale consideration; unless lower tax deduction certificate was obtained from seller's jurisdictional ITO.

deepak mittal

deepak mittal (Querist)
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16 December 2024 NRI selling property in the month of Dec 2024 which was purchased in the Financial year 2009-10 benefit of indexation while calculating capital gain available or to pay tax without indexation @ 12.5%

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 December 2024 Tax liability over NRI will be at 12.5% without indexation, but TDS is deducted over full sell consideration, unless the certificate obtained.

deepak mittal

deepak mittal (Querist)
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16 December 2024 Thank you very much for prompt reply

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 December 2024 You are welcome.

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