An NRI (from Dubai) owns a flat in India. Flat is put on rent. Rent paid by tenant in Rupees in NRI's bank account with an Indian Bank (no actual remittance outside India).
My queries:
- Rent limit for TDS deduction ?
- Rate of TDS ?
- Is TAN required by tenant for TDS deposit ?
- Does tenant need to file 15 CA ?
Thanks & Regards
(P.S. - If there is any other point that is needed to be considered please share that as well)
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TDS liability on Rent paid to NR in an Indian Bank
Replies (3)
1. No limit.
2. 30% + 4% cess u/s. 195 of IT act.
3. Yes.
4. No.
In case tenant doesn't deduct TDS, would there be any liability on Flat owner to deposit advance tax or any other liability/penalty for flat owner ?
As usual advance tax liability would arise, but otherwise no other specific requirement over owner due to non-deduction of TDS by tenant.
Better inform tenant about his TDS liability.
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