TDS on property purchased from a Non Resident

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 June 2011 I am planning to buy a property which is owned by a Non Resident. The seller is not assessed to Income Tax in India. Am I liable to deduct Tax on her sale proceeds? If yes, what is the percentage of Tax ?

Thanks.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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13 June 2011 THE GAIN DERIVED BY NR WILL BE TEATED AS DEEMED TO0 ACCRUE OR ARISE IN INDIA
ACCORDINGLY SAME WILL BE TAXED IN INDIA
U WILL HAVE TO DEDUCT TAX AT 30.9 PERCENT
BETTER APPLY TO AO UNDER SECTION 195(2) SO AS TO ASK HIM TO DECIDE THE SUM CHARGEABLE TO TAX IN INDIA BECAUSE ENTIRE SALE PROCEEDS WILL NOT BE CHARGEABLE TO TAX IT IS ONLY CG THAT IS TAXABLE

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