Priyanka Vishwakarma (1 Points)
18 August 2022
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 19 August 2022
Under which section TDS was deducted?
Adv. Ravish Bhatt, ADIT, CIOT
(Dual Qualified Lawyer/ Solicitor International Tax Affiliate CIOT)
(1110 Points)
Replied 20 August 2022
I may be missing something here but it is possible to pay in foreign currency for purchase of property located in India? As I understand, it may not be possible.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 23 August 2022
No My Dear....
You are not missing anything....
You are 100% correct....
To confirm your comment... I would add that the proceeds cannot be credited to NRE account also....
As per FEMA act, even banks will not accept the payment transaction without RBI permission or without certificate of a practicing Chartered Accountant, which as per act, no one will issue.
To add to it, as per IT act... the purchaser needs to deduct TDS from the sale proceeds as per sec. 195 of the act. Without which registration of the deed is not possible...
Finally to conclude... the query is on fictitious ground, practically not possible...
Good Luck ....
CAclubindia
