One of our clients sold a plot of land(residnetial property). 3 Joint co owners. One of them has moved to UAE in 2013. Has been resident up to 2013-14. Now not in India for 182 days or 60 days.Do we consider him/her as Non resident for Income Tax purpose or still a resident. What is the liability of TDS in such a case. If TDS to be deducted can we claim the refund after investing the capital gain in another residential property
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Resident/ non resident
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I think he will be considered an NRI and TDS will be deducted u/s 195. He may avail exemption by investing in another property.
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He is NRI for FY 2014-15. TDS needs to be dedcuted on his Share as per section 195. Exemption can be calimed under section 54F and Refund can be claimed by filing the return of Income as we file return in case of normal assesee.
For rates of TDS and amount on which TDS to be dedcuted please refer Section 195 and its rules & notification . Also refer DTAA between India & UAE
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