Property sale tds/cgt nri and non-nri

Mou C (2 Points)

28 December 2018  

I am planning to sell my flat in mumbai

Purchase price Rs 10 Lakh in year Sep-2000

Selling for Rs 80 Lakh year( Jan-2019)

Joint property Owners - Myself (NRI) and my Dad

When the property was purchased my Dad paid all the money towards it by Cheque, I did not contribute any money towards it.

I am aware of 20% TDS for myself (NRI) section 195

1) Can you help-..What is the most tax efficient way to sell the property?

2) is the 20% TDS for NRI applicable on the full amount of Rs 80 lakh or only 50% of the sale amount of Rs 40 lakh?

3) would gifting half of the property to my dad first and then selling then Dad sells the  property be a better option?