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tax and tds treatment
indian citizen purchase of flat in bangalore Rs 60 laks, but seller NRI what's the TDS and tax treatment
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Unless the seller approaches the tax official concerned and produces a certificate of any lower deduction of tax, you as a buyer are supposed to deduct TDS on the entire transaction value.
*TDS rate is 22.88 per cent of the deal value if the property is worth anywhere upto Rs 1 crore.
*In case the property is worth over Rs 1 crore, 23.92 per cent of the deal value must be deducted as TDS by the buyer.
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