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Payment of NRI tax after property purchase

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Nara Hari

28 Points Posted on 04 March 2022

Namaste sir

I sold one small plot and deposited in capital gains account in bank

now I'm in a process to buy NRI flat for which i need to deduct TDS before property registration

Now can i utilize the partial amount deposited in capital gain account to pay the deducted TDS from NRI property and deposit same in the IT dept

Please advise

Regards

Hari

Replies (3)

Quick Summary

This discussion clarifies whether funds deposited in a capital gains account can be used to pay Tax Deducted at Source (TDS) when purchasing an NRI property. The advice given is that capital gains account funds are specifically for reinvestment to claim capital gains tax benefits and cannot be used for TDS payments. Instead, TDS should be deducted from the sale consideration of the property.

Eswar Reddy S

CFO- at NHTF

15022 Points Posted on 05 March 2022

Amount deposited in capital gain account should be used for specific purpose only .You can't use it for Tds payment..

sabyasachi mukherjee

Profession

19978 Points Posted on 05 March 2022

This money deposited in capital gain account scheme is supposed to get benefit for capital gain which had arisen for selling of the flat.In case there is any violation the benefit can't be used.