17 February 2023
As per income tax Act and Rules every individual buying residential/commercial property from NRI has to mandatorily deduct tax at source. In case of buying from NRI obtaining a TAN is mandatory. In the case under reference the buyer is an individual and a salaried employee. Just for one transaction the buyer will have to take a TAN and start filing TDS returns. Is there a way out or solution to this? Need expert advise please
17 February 2023
No other option, when property is to be purchased from NRI. Unless the seller provides you 'NIL TDS Deduction Certificate' obtained from ITO.
CAclubindia
