Tan
CA VISHAL GUPTA (none) (225 Points)
13 January 2016
Is TAN Application Exempted for TDS to be deducted on Property Exceeding Rs 50,00,000/- & If so whether it covers NRI's as well.
Ankit Taprania
(CA FINAL )
(542 Points)
Replied 13 January 2016
1. The purchaser ( includinf NRI ) is exempt from the obligation to obtain TAN, which is otherwise mandatory for all deductees.
You ( INCLUDING NRI ) can use your PAN to deposit tax deducted from payment made to seller
2.HOWEVER If the payment is made to a Non‐Resident then section 194‐IA will not be applicable and TAN will also be required.
Rather section 195 will be attracted and TDS is required to be deducted @ 20%+EC & SHEC on the sale consideration. Surcharge @ 10% will be applicable if amount paid exceeds Rs 1
crore.
The limit of Rs 50,00,000/‐ is not applicable in case of payments made to NRI’s.
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