Question ID :
40723
PAYMENT TO NRI FOR PURCHASE OF FLAT
X A RESIDENT INDIVIDUAL PURCHASED A FLAT FROM NRI WORTH RS 60 L. TDS TO BE DEDUCTED AT 20.80% RATE, AND WHAT OTHER PROVISIONS IS APPLICABLE IN THIS REGARD, PLEASE LET ME KNOW.
FURTHER WHILE FILLING THE TDS RETURN WE NOTICE VARIOUS NATURE OF PAYMENTS TO NRI IN SECTION 195, WE NEED TO CLARIFY THE NATURE OF PAYMENT. WHETHER IT IS LTCG, OR OTHER INCOME. BUT WE DIDN’T FIND SALE OF FLAT NATURE IN THIS PART. P[LEASE ADVICE
Posted by
pradeep kumar agrawal
on
Jul 16, 2020
Filed Under
TDS/TCS
Answer ID :
80627
Rate of TDS on LTCG for purchase of property from NRI is 20.80% if property held for more than 2 years. Deduct TDS and file TDS return before specified due date. Select other sums payable to non-resident in TDS return. Other compliances are applicable to seller such as submission of form 15CA and 15CB to bank etc.
Posted by
CA. chunauti dholakia on
Jul 16, 2020