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)

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)

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)

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)

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)

16 December 2024 Thank you very much for prompt reply

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

16 December 2024 You are welcome.

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