Nri taxability in case of sale of property
Querist : Anonymous
Whether section 195 will apply?
If yes, Whether tds will be deducted on whole sale consideration or LTCG?
Is there any section in International Taxation which is beneficial for NRI?
Surcharge of 10% will also be applicable if the amount paid exceeds Rs. 1 crore.
For benefit under International Taxation you will have to go through the DTAA between India & the country of which he is resident.
In case of doubt contact a CA.
Querist : Anonymous
Alternatively you can contact a CA.
As regards provisions of Section 195 are concerned it will be applicable only when the proceeds are send to a foreign country but whether the money is sent or not the 1% TDS is a must and it cannot be avoided.
For capital gains TDs has to be deducted as per the 195 as suggested by the expert
Querist : Anonymous
Payment on transfer of certain immovable property other than agricultural land.—(1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent. of such sum as income-tax thereon.
In this case payment is made to a NON-RESIDENT. Accordingly Section 195 is applicable and TDS is required to be deducted @ 20% +EC & SHEC + Surcharge
Sec 195 is correct section applicable in this matter.
Querist : Anonymous
Supreme Court in the case of GE INDIA TECHNOLOGY CENTRE (P) LTD. vs. COMMISSIONER OF INCOME TAX & ANR. (2010) 44 DTR (SC) 201 overruling the decision of the Karnataka High Court in the case of CIT vs. Samsung Electronic Company Ltd. 320-ITR-209(Kar) -
Querist : Anonymous
Click here to login now
Similar Resolved Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Sale of property furniture sale
- Applicability of Tax audit u/s 44AB of income tax act, 1961
- Question about eligibility for tax rebate u/s 87A
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- IGST Credit-Show cause notice issued-confusion
Trending Online Classes
CAclubindia
