Hi,
Can any one help me out, if a NRO sells a site which is long term capital gain in India and buyer deduct TDS only 1%. In this situation should NRO pay advance tax on or before 15th of Mar??
Thanks in advance
Venkat
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183881 Points)
Replied 05 February 2019
If the seller is Non Resident, then the TDS deduction would be 20% and not 1%. (unless any lower deduction certificate issued by ITO). Better get rectified the mistake.
venkat
(26 Points)
Replied 05 February 2019
Thank you so much sir.
Buyer has deducted only 1% . what is way out to rectify this mistake?. 1%. pl guide
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183881 Points)
Replied 05 February 2019
Either pay the balance amount with interest....... Or.....
You pay your tax liabilities, including advance tax installment, and after filing return let your CA isue certificate to the buyer about the taxes paid as per the capital gains tax liability.
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