Income Tax obligations when the property is sold for 2-3 crores by NRI.
With that money, the same NRI purchases another property of around the same value ie. 2-3 crores.
What are the obligations, he has to fulfil?
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Income Tax obligations when property is purchased /sold by NRI
Replies (4)
Quick Summary
If NRI Sold the house and he has valid PAN then it's purchaser headache to deduct tds and file tds returns.
No obligation on NRI
If NRI bought the property then he or she has to deduct tds at 1% on sale value and fill form 26QB and issue form 16B
No obligation on NRI
If NRI bought the property then he or she has to deduct tds at 1% on sale value and fill form 26QB and issue form 16B
When property is sold it's transfer of capital asset.
26QB is not applicable if seller is NRI.
One has to apply for regular route of TAN application and tds filing
One has to apply for regular route of TAN application and tds filing
Apply for lower TDS certificate so that the amount is not blocked unnecessarily and refund can be minimised.
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