TDS on Purchase of Property from NRI

(FORM 13 Link) incometaxindia...
When purchasing property from a Non-Resident Indian (NRI), the buyer must deduct Tax Deducted at Source (TDS).The buyer must deduct TDS at the time of payment and deposit it with the government within the specified time frame. TDS returns are filed using Form 27Q, and a TDS certificate (Form 16A) must be issued to the NRI seller. Both parties need a Permanent Account Number (PAN), and the buyer must have a Tax Deduction and Collection Account Number (TAN). NRIs can apply for a lower TDS deduction certificate if applicable. Non-compliance with TDS provisions can result in penalties and interest, so it is crucial to follow these guidelines to ensure a smooth and compliant transaction.
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[@Raj-mw9gb]

There is already case filed in Chennai high court to bring parity of NRIs with the resident Indians. No justification for this disparity especially when NRIs are so supportive of this govt. Many NRIs are also Indian citizens and they have not surrendered their passport especially those working in the Gulf countries.

[@REORIENT23]

Yes ..

[@navedaziz3625]

Very useful information. Thanks Sir.

[@REORIENT23]

Thank you.

[@AnandSharma-mq6yt]

Useful information 👍

[@REORIENT23]

Thanks

[@jyotipm8651]

Sir indexation benifit available or not?

[@REORIENT23]

Indexation benefit nai milega for NRI.
Indexation benefit is applicable only for resident individuals.

[@ajaykumarbhutani9655]

Sir How to contact you for filing 26Q

[@REORIENT23]

Watsap 9831660992

[@parthshah6343]

Hello sir, just one out of context question.
If a building is there from last 20 years and residents are living and that society has 'Building Completion Certificate' but no 'Occupancy Certificate', is it okay to purchase that property? The society had applied for OC but still haven't got it
What can be the legal repercussions?

[@REORIENT23]

It is not my subject but I think of the building has a completion certificate then you can purchase the property.

[@sagarnandansahoo]

Sir if i am buying a property of NRI through his power of attorney holder(resident indian) and paid all amount to his(POA holder) indian savings account then what should be TDS??1% or 12.5%

[@REORIENT23]

In my opinion TDS @12.5% should be applicable even if a power of attorney is given, TDS will still have to be deducted against the original sellers PAN i.e. NRI and not on the attorney holder.

[@BlissFullHeal]

I have a form 13 issued just before 23rd July with Indexation benefits. Can I still use it? Or need to apply form 13 again?

[@REORIENT23]

In my opinion the indexation benefits after 23rd of July is for the resident individual and huf who acquired property before 23rd July 24, therefore in case of non resident indexation is not available. You should apply form 13 again .

[@BlissFullHeal]

@@REORIENT23 Thank you 🙏

[@vivekdhabadge375]

Why we are not taking tds rate 20%??

[@REORIENT23]

The LTCG rates after budget has been changed to 12.5% , check my video related to Ltcg after budget.

[@vivekdhabadge375]

@@REORIENT23 correct, can we have option which is more beneficial??

[@vivekdhabadge375]

Correct,
Can we have an option which is more beneficial?

[@REORIENT23]

@@vivekdhabadge375 Apply for lower TDS rate via form 13 ..before entering into the transaction..

[@vivekdhabadge375]

What if the co-owner is a resident??

[@Samadkhan_115]

Sir, I have to buy a property from an NRI. Till what date do I have to submit the TDS, I didn’t get the timelines here.

[@REORIENT23]

Following steps to be followed
1. You have to obtain TAN
2. TDS deducted is to be deposited within the 7th of next month.
3. TDS return to be submitted within 31 days from the end of quarter.

[@ashokgoyal6775]

Rate of tax to be deducted from NRI

[@REORIENT23]

Best way is to apply to income tax officer by submitting form 13 for low deduction TDS rate.

[@vivekdhabadge375]

@@REORIENT23 is low deduction certificate is available for any buyer in case of NRI seller?? I mean, I am making an agreement with one of the buyer now, and applied for low/no deduction certificate but in case of due to any reason if I could not complete the agreement with that particular buyer in that case the certificate applied is applicable for any other buyer??

[@tejasbatra7261]

Hi sir, is it ok if an NRI send money to her mother as a gift nearly 50-60 lakh and that mother buys property from that money.
Thanks

[@REORIENT23]

Gift to relative is not taxable, you can check my video related to gift, therefore you can do the same. Make a gift deed of possible.

[@omkarsawant1052]

15cb n 15 ca bhi bharna padega kya ? For buyer

[@REORIENT23]

Yes in my opinion lagega