Payment of NRI tax after property purchase

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8 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

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On 04 March 2022 at 23:32 Report
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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.

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CFO- at NHTF
58280 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..
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On 05 March 2022 at 07:30
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Profession Business
28246 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.
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On 05 March 2022 at 08:34
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CFO- at NHTF
58280 Points Posted on 05 March 2022
You may use from sale consideration not from capital gain account scheme ..
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On 05 March 2022 at 09:02

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