I understand I need to deduct TDS @ 20% (plus surcharge and cess) when I buy property from an NRI. Assuming the sale consideration is say 100 lakhs, I pay the seller 80 lakhs, retaining 20 lakhs. My question is how do I remit this amount to income tax? I plan to do this online, if I go to e-pay tax from income tax website, it says select 26QB (which I know is for residents, not NRI), once I select this, it asks for residential status of seller. Once I mention NRI, it states use Form 27Q. If I understand correctly, 27Q is for filing the return after remitting the tax as it asks for the challan number. So how do I pay this tax? What challan do I use?
Kindly help
Subramania
CAclubindia
