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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
Replies (1)
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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