Tds u/s 195
This query is : Resolved
30 November 2012
Sir(s),
My query is that if a banker sanctions a housing loan to a resident individual, who is purchasing house property from a NRI, then is the banker disbursing housing loan, liable to deduct TDS on the payments made by the banker to the NRI u/s 195 of the Income Tax Act??????
My query is that if a banker sanctions a housing loan to a resident individual, who is purchasing house property from a NRI, then is the banker disbursing housing loan, liable to deduct TDS on the payments made by the banker to the NRI u/s 195 of the Income Tax Act??????
03 December 2012
My Views:
The sum received by the R is a loan whereas the same for the NRI is the sale consideration for the property.
As a result the sum received by the R is not liable to TDS being not an income item at all. However money is received by the NRI (thou sent by Bank/R) is income from sale of property and capital gains tax needs to be deducted accordingly.
The sum received by the R is a loan whereas the same for the NRI is the sale consideration for the property.
As a result the sum received by the R is not liable to TDS being not an income item at all. However money is received by the NRI (thou sent by Bank/R) is income from sale of property and capital gains tax needs to be deducted accordingly.
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12 February 2013
Thanks a ton for the reply sirji...but please let me know who shall deduct the TDS is it the banker or is it the Resident who is purchasing the property...
Also if the Resident is a salaried person not at all liable as a Deductor for TDS then????
Please clarify...
Thanks & Regards
Also if the Resident is a salaried person not at all liable as a Deductor for TDS then????
Please clarify...
Thanks & Regards
18 February 2013
It is the payer in general liable to deduct TDS. It shall be covered as part of form 15cb/ca compliance from a CA.
R' being a salaried employee is irrelevant in this transaction.
R' being a salaried employee is irrelevant in this transaction.
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