Tds u/s 195
say Mr.A a Indian resident is buying a house (flat) which is located at Pune city ...and Mr.B the owner(seller) of house property is NRI ( stay in USA since past 10 year ) now how shall the TDs be deducted by Mr.A ..should he deduct TDs on entire consideration or should he calculate the capital gain and deduct the TDs on capital.gain ..and @ what rate the TDs shall be deducted ..and what is the process to be followed for depositing the TDs amount ?
Replies (4)
hi..
MR. A should deduct tds @ 20% + edu cess + surcharge ( if propery value is excess of rs. 1cr) on entire consideration to MR. B.
also MR. B can apply for lower deduction from his A.O if the tax deducted is excess of tax payable. please refer
please refer sec 195. the payee I.e Mr B may apply in prescribed form( form 13) under sec 195(3) for grant of certificate authorizing him to receive the sum with lower / nil tds.
Yes yes I understood ..thank you so much for your help !!
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