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Income Tax obligations when property is purchased /sold by NRI

Tax queries 383 views 4 replies
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e-TDS + IT return filer Hyderabad
731 Points Posted on 23 October 2023

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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On 23 October 2023 at 09:21 Report
Replies (4)
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CFO- at NHTF
58280 Points Posted on 25 October 2023
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
59 Reply
On 25 October 2023 at 05:01
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Profession Business
28207 Points Posted on 25 October 2023
When property is sold it's transfer of capital asset.
44 Reply
On 25 October 2023 at 06:32
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CFO- at NHTF
58280 Points Posted on 26 October 2023
26QB is not applicable if seller is NRI.

One has to apply for regular route of TAN application and tds filing
59 Reply
On 26 October 2023 at 07:59
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Practising CA
8954 Points Posted on 06 November 2023
Apply for lower TDS certificate so that the amount is not blocked unnecessarily and refund can be minimised.
30 Reply
On 06 November 2023 at 02:56


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