Taxation of NRI income

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Dear Friends,

One NRI had sold his property in India.The income so arise, he want to take to the foreign country. What is the take implication of this transaction. Is the applicability of TDS arise here? What all documents to be submitted for this ? Is there is any document needed to be furnished via bank?

Regards
Ajay A
7561810695
Replies (10)
Assuming there is LTCG on sale of property by NRI then buyer will have to deduct TDS under 195 @ 20%.
Note that Buyer must have TAN Number.
Income Tax on LTCG on NRI is 20%+ Cess
Indexation is also available to NRI seller
NRI must have PAN card
About transfer of funds to foreign country , you pl get info from bank (as RBI compliances are there.)
Assuming it's long term capital gain there is a indexation .
calculate capital gains .
open a nre account with any psu bank.
deposit the money.
there are various section s under which you can get waiver.
MR.AJAY YOU CAN AVAIL EXEMPTION PROVIDED U INVEST IN HOUSE PROPERTY WITHIN A PERIOD OF 2 YEARS OR WITHIN A PETIOD OF 3 YEARS YOU CAN CONSTRUCT A HOUSE PROPERTY.
YOU CAN ALSO INVEST IN SPECIFIED SECURITIES AS MENTION IN SEC. 54E.
ST
But Sabyasachi I tried but didn't find any answer on query . please mention it
@ kapadia read sec 54 , sec 54EC, SEC 54F.

1. TDS should be deducted by the buyer @ 20 % (excluding surcharge and Edu cess, that depends on the value of the property sold) u/s 195. 
2. As explained by experts indexation benefit will be available for computing LTCG. 
3. NRI should have TAN and PAN only then TDS will be deducted @ 20%. 
4. The amount can be deposited in Non-Resident Ordinary Rupee (NRO) account without much documentation. However, the same depends on the bank and contact the bank for any further clarification. 
Please correct me if the above solution has an alternative view. 

Sabyasachi, again bluff .
There is no answer of query. What you replied is fiction and not query reply.
Is it compulsory to get a chartered accountant certificate for it ?
A person making the remittance (a payment) to a Non Resident has to submit the form 15CA to the bank and a Certificate from Chartered Accountant in form 15CB is required after uploading the form 15CA online in some cases where TDS is required to be deducted.
So in this case the buyer needs to file the TDS return and the seller (NRI) needs to submit 15CA and 15CB ...is it right

1. The buyer needs to remit TDS within the 7th of the following month in which the TDS was deducted. 
2. Form 15CA is to be given by the buyer when TDS was deducted and payment for the same to be made through foreign currency. 
3. Form 15CB is a declaration to be made by the buyer through a Chartered Accountant that the above details given are true and proper procedures were followed with respect to payment of the above amount to Non-Resident. 
4. The buyer needs to provide both the certificate to the bank and then only remittance in a foreign currency will be made. 
Please correct me if the above solution has an alternative view. 


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