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Income Tax obligations when property is purchased /sold by NRI

Tax queries 355 views 4 replies
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e-TDS + IT return filer Hyderabad
731 Points Joined February 2013

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 Joined August 2012
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
1 Reply
On 25 October 2023 at 05:01
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Profession Business
28196 Points Joined May 2017
When property is sold it's transfer of capital asset.
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On 25 October 2023 at 06:32
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CFO- at NHTF
58280 Points Joined August 2012
26QB is not applicable if seller is NRI.

One has to apply for regular route of TAN application and tds filing
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On 26 October 2023 at 07:59
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Practising CA
8954 Points Joined December 2013
Apply for lower TDS certificate so that the amount is not blocked unnecessarily and refund can be minimised.
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On 06 November 2023 at 02:56

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