TDS on Sale of House Property by NRI to Resident
This query is : Resolved
15 February 2020
An NRI having a house property in India wishes to sell it to a Resident. The sale price exceeds Rs 50 Lakhs. What TDS has to be deducted by the resident - 1% or 20%? Kindly advise.
The NRI is having PAN in India.
The NRI is having PAN in India.
15 February 2020
22.88% TDS under section 195 has to be deducted.
15 February 2020
Thanks a lot Sir for the expert advise. That means the purchaser has to apply for TAN. Is it?
15 February 2020
TDS on immovable property has to be paid using Form 26QB within 30 days from the end of the month in which TDS was deducted
no tan no required.
no tan no required.
15 February 2020
TAN is necessary to deduct TDS
26QB not applicable to NRI seller.
26QB not applicable to NRI seller.
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15 February 2020
TDS will be deducted @ 22.88% u/s 195 on full consideration if the gain is long term. If gain is short term then it is @ 34.32% ie., Tax+ Scharge+ cess. The NRI can apply for lower deduction with AO in form 13 stating that TDS needs to be done only on gain part rather than full value of consideration.
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