Hi,
As per my reading, there is 20% rate at which tds to be deducted while purchasing property from NRI. Please let me know if this is correct.
Also please help on following issues;
1. What if sales consideration exceeds 50L, will there be any surcharge?
2. If amount exceeds 50L but saller is joint holder of property and individually consideration does not exceed 50L, will there be surcharge applicable.
Thank you in advance.
Regards,
Giriraj Gandhi
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TDS on purchase of property from NRI
Replies (2)
1. Yes...
2. No
Yes , You are absolutely correct . Sec 195 of the income Tax act provides that when the Immovable Property is purchased from the NRI by the Indian Buyer then Indian Buyer is required to deduct the TDS @ 20 % in addition to HEC 4 %. So it is responsibility of the Buyer to Deduct TDS upon obtaining the TAN.
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