A NRI remitted funds from abroad and also took a loan from a HFC in India, purchased a commercial property in FY-13 He is receiving monthly lease rents from Aug-12. For FY-13, the total rent received would be Rs.4.50 lakhs(approx) Till Feb-13,the lessee deducted TDS @ 10% while paying rent. I have a few queries.
1. What is the applicable TDS on lease rent paid to NRI -with PAN. If PAN is not there whether TDS rates will differ.
2 Whether the IT returns / tax slab etc are different for NRI compared with a resident Indian.
3. If the tax payable is lower than the TDS rates, whether NRI can approach A.O for orders for deducting lower tax rate by the lessee.
CAclubindia
