Tds on remittance of foreign exchange outside india

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 December 2013 Individual residing outside india has sold his HP in india and he wants to remit all sale consideration outside india. Whether tax is deducted on remittance outside india ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 December 2013 the ans is no.

CA Kedar Sakhardande

CA Kedar Sakhardande (Expert)
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11 December 2013 He cannot remit all the proceeds without deduction of tax (as capital gain tax has to be paid and net amount can be transferred

However, in case the proceeds are to be invested in property in abroad benefit of exemption under section 54 can be availed and no tax is to be paid (but the amount has to be routed through special account capital gain account) Or assessee has to pay tax and then claim refund

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 December 2013 for remittance there is no tds to be deducted within sec 192-196D.

CA Kedar Sakhardande

CA Kedar Sakhardande (Expert)
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11 December 2013 if TDS is not deducted then tax has to be paid before remittance

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 December 2013 the querist have asked whether on remittance tds is applicable or not and the simple ans is no.

CA Kedar Sakhardande

CA Kedar Sakhardande (Expert)
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11 December 2013 dear

how one can deduct TDS on his own income? It is quite logical isnt it?

So his intention of the question is whether the remitance can be made without payment of tax (even if he has used the word TDS)

regards

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 December 2013 Sir he must have got confused with sec 194LA and when its logical still he had doubt thats y he had asked question to clearify...

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Tds on remittance of foreign exchange outside india

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