Hello Members,
My Client (Sellers) are NRI's wants to sell Two Flats and further reinvest that Money while Purchase of One Flat. All Money will be Invested in Single Flat. In These Case, Both - Sellers and Purchasers are NRI. There are some Queries in point of Taxation:
1. What will be the Rate of TDS on Deduction on Sale Consideration? .
2. Who will Deduct TDS, as both - Sellers and Purchasers are NRI?
Kindly Guide me for the same.
Thanking You,
If the property is situated in India then capital Gain is required to be paid .however, if he wants to reinvest that capital gain amount ten sec 54 series of the Income tax provides Exemption from capital gain tax. If the property is not situated into India then no need of TDS deduction .
So first clarify where the property is situated .
Is there any other legal provision of deducting TDS by NRI?
CAclubindia
