My assesses buying property from an NRI is he liable to deduct tax u/s 194 IA...??
NRI doesn't hve any PAN in India in this case what is the procedure to deal with it.....??
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NRI Selling property in India
Replies (6)
No. He is liable to deduct TDS u/s. 195 of IT act.
Seller needs to obtain PAN as he is required to file ITR for capital gain assessment.
PAN is a must for the NRI seller. It's easy to apply and also ask seller to open an Indian Bank Account for.
Thanku so much Sir...🙏
You are welcome. ...
Also, in case of lower deduction,please not that the officer only prescribes the tax rate. Surcharge rate and cess shall be additional.
Obviously it's applicable pan is based in India. property situated in India . tax is liable to be paid on property situated in India when there is a transfer of capital asset.
Sec 195 of income tax act is applicable.
Sec 195 of income tax act is applicable.
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