TDS on property by NRI

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401 Points Posted on 02 June 2023
An NRI is purchasing property in India worth Rs.1 crore. His father will be co-owner however 100% contribution will be made by this NRI person. What would be the position in TDS for property? Whether only NRI should deduct or both co-owners? In former circumstance, whether co-owner is required to be mentioned in form 26QB?
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On 02 June 2023 at 08:31 Report
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This discussion clarifies Tax Deducted at Source (TDS) rules for NRIs purchasing property in India. When an NRI's father is a co-owner but the NRI provides all the funds, both individuals are considered liable for TDS. Form 26QB must include the co-owner's details, and both parties are responsible for deducting the applicable tax.

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CA
10436 Points Posted on 02 June 2023
Yes, in form 26QB, you will be required to mention co-owner as property will be registered in name of both of you
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On 02 June 2023 at 08:44
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401 Points Posted on 02 June 2023
But who will deduct tax? Both or only financer i.e. son in this case?
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On 02 June 2023 at 09:08
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CA
10436 Points Posted on 02 June 2023
Both of you will deduct the TDS
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On 02 June 2023 at 09:12

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