Good morning Respected Experts !
Property purchased from a NRI. Query on TDS implication on transaction...
1. Whether buyer need to obtain TAN or not mandatory?
2. What is TDS rate ??
3. Is PAN of NRI Seller mandatory ??
4. If two buyers then should deduct TDS separately or only one can deduct total TDS??
please guide ....
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TDS from NRI
Replies (3)
Quick Summary
TDS is to be done as per provisions of Section 195
Answers to your 4 questions.
1) YES Buyer require TAN for deducting TDS( only aplicable to immovable property)
2) FOR Tds rates Refer section 195
there are 3 types of rates based on income
3) Need not required pan of seller, but required identity proof
4) optional
Answers to your 4 questions.
1) YES Buyer require TAN for deducting TDS( only aplicable to immovable property)
2) FOR Tds rates Refer section 195
there are 3 types of rates based on income
3) Need not required pan of seller, but required identity proof
4) optional
Where a property is purchased from NRI by a person resident in India, buyer shall have to deduct the TDS u/s 195 of the Act.
1. Buyer shall have to obtain TAN , it is mandatory.
2. Where the property held by the buyer for more than 2 years ( Long Term), tds shall be deducted @ 20 % which shall be further increased by applicable rate of surcharge and education cess. ( surcharge is subject to Marginal relief). In case the property held for less than 2 years ( Short Term), the tax shall be deducted as per the slab rate.
3. PAN of the NRI is not mandatory.
4. According to me, TDS deduction by only 1 buyer shall suffice.
1. Buyer shall have to obtain TAN , it is mandatory.
2. Where the property held by the buyer for more than 2 years ( Long Term), tds shall be deducted @ 20 % which shall be further increased by applicable rate of surcharge and education cess. ( surcharge is subject to Marginal relief). In case the property held for less than 2 years ( Short Term), the tax shall be deducted as per the slab rate.
3. PAN of the NRI is not mandatory.
4. According to me, TDS deduction by only 1 buyer shall suffice.
What would be tds rate in pan available Case and PAN not available case because one seller has PAN available and one has not..
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