Withholding of tax
This query is : Resolved
arva bohra
(Querist)
19 October 2011
if NRI sold his immovable property to a resident indian what is the procedure of withhold the tax? what is the tax rate?
Vishal D Shah
(Expert)
19 October 2011
Resident needs to calculate tax liability of NRI & either NRI needs to deposit such amount of tax or resident needs to deduct it from sale consideration & deposit the same to government treasury. NRI shall require CA certificate for remittance of funds abroad certifying that tax has been paid on it.
Check out capital gain provisions for NRI u/s 115 of IT Act for rates.
Check out capital gain provisions for NRI u/s 115 of IT Act for rates.
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