Hello ... This is with reference to Section 195 for TDS on sale of house property by NRI . I have following queries ;
1) If the seller is an NRI, and the sale value is not above INR 50 lakhs, does the provisions of section 195 , TDS deduction still applicable ?
2) Does the onus still lies with the buyer to deduct TDS if the sale value does not exceed 50 lakhs INR ?
3) What if the buyer does not deduct TDS but the seller pays Self Assessment tax for the tax on LTCG after indexation benefit ?
4) If the tax on capital gain is paid as Self Assessment tax after taking into account the calculation of indexation benefit for cost of acquisition, can the Assesseing officer or the tax department levy capital gain tax on the whole sale value and not on the Net gains after indexation benefit ? Can the indexed cost of acquisition benefit be disallowed ?
5) What are the penalties or interest , if the tax has been paid as Self Assessment tax by the seller and the buyer has not deducted TDS.
Hope the query will be acknowledged and kindly reply...
Thank you very much in advance... Stay safe ..
CAclubindia
