A residential property purchased in 1998-99 is being sold in 2026-27. The FMV in 2001-02 was 4,00,000 and both the guideline and sale values are 16,00,000. Three sellers are residents and one is a non-resident and all get equal share i.e. 4,00,000 each.
Could you kindly clarify:
1. There is no TDS for residents.
2. The TDS rate for non-resident is 12.5%. Is 4% cess to be added to this?
3. The TDS for non-resident will only be on his share i.e. 4,00,000.
4. Should Form 144 or Form 145 be filed? If Form 145, only Part A should be filled and Form 146 is not required as the share is less than five lakhs.
Thank you.
CAclubindia
