TDS surcharge rate on Property Purchase from NRI in FY 22-23

What is the rate of TDS and Surcharge on purchase of residential property from NRI. My understanding is that LTCG is taxed at 20%. The FM announced that surcharge on all classes on assets will have a maximum surcharge of 15% from FY 22-23/ AY 23-24. Has that come into effect? So total effective rate of deduction will be 23.92% of total payment.

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Quick Summary
This discussion clarifies the TDS surcharge rate applicable when purchasing residential property from an NRI in FY 22-23. It addresses whether the Finance Minister's announcement of a maximum 15% surcharge on all asset classes, effective from FY 22-23, applies. The conversation also touches upon the distinction between Long Term Capital Gains (LTCG) and Short Term Capital Gains (STCG) for NRI sellers, confirming that LTCG applies for properties held over 18 years, and calculates the potential effective TDS deduction rate.

What is the cost of the property?

Whether it will be LTCG or STCG for NRI seller?

It will be LTCG (18 years from date of purchase).

The cost is above 1 Cr.

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