Tds us 195

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Gurmeet Singh (Querist)

05 December 2013 what is the rate of tds on purchse of property from NRI? is tds number require to pay tax by purchaser? in which challan / form use for such transaction?

Annu Agarwal

Annu Agarwal (Expert)

05 December 2013 As per section 195 of Income Tax Act,“any person responsible for paying to a Non-Resident, not being a company or to a foreign company, of any interest or any other sum chargeable under the provisions of this Act (not being income chargeable under the head salaries) shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force”
Therefore TDS needs to be deducted at 20%.Tds is required to be paid by purchaser.

Gurmeet Singh

Gurmeet Singh (Querist)

07 December 2013 Thanks Annu ji. I already deduct TDS, PAN of both the parties myself and NRI Seller available. now, pls guide how to pay this TDS Amount to government?

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