TDS on purchase of Property above Rs.50 lacs..
If recipient is Non-Resident, is TDS provisions applicable or not??..
I hv read every where I'm getting TDS to be deducted on resident only..
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TDS on purchase of Property from Non Resident
Replies (5)
in case of purchase of property from non resident section 195 will apply and TDS has to be made @ 30.9%
it means do buyer have to deduct TDS at 30.9% n pay to govt.
yes, the buyer needs to obtain tax deduction account number, deduct 30.9% of the sale consideration and pay it ot the government within 7th of the next month. quarterly TDS return also should be filed.
If the immovable property is purchased from a Non-Resident Indian (NRI) then TDS has to be done U/s 195 (TDS Rate is at 20%+Education Cess) and not under section 194IA.
Sandeep Ji 30% TDS rate is wrong.
.
vishal goel is right. 20% + Cess applies
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