Sec 54 and TDS on sale of property

Mumbai8 (Other) (30 Points)

04 November 2024  

I am holding the Letter of Adminstration ( LOA) of my deceased parents. I am in the process to selling my parents flat. The proceeds will be distributed to my sibling and me. My other siblings are Resident Indians. The sales price is more than Rs. 50L

Question:

  1. Since I am LOA holder, and will be executing the sale, would the TDS be witheld at the NRI rate on the entire amount? or would the TDS be witheld based on each of the legal heirs resident status rate?
  2. We all plan to invest the proceeds under Sec 54, and will be  investing the proceeds in Sec 54EC bonds, so can we file Form 13 so that "no TDS" is witheld at the time of sale.

Thank you in advance.