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What should be the TDS deduction for NRI?- Property Hotline
Posted
September 22, 2016
Views
5,542
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20
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September 22, 2016
5,542
20
2
0.40%
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2:49Now PlayingExpert: Vinay Singh, Legal & Tax Expert.
Question: I'm an NRI and a resident in Kolkata since 2008. I have a buyer for my property but he is insisting on doing a TDS of 20.6% on the full amount. Is this correct? Or should he be deducting TDS only for the profit earned? Shouldn't the TDS rate be 1%?
Answer: Actually the TDS deduction is correct. 20.6% on full amount. 1% rate is for residents only. However, if you apply to your jurisdictional ITO for nil deduction certificate u/s 197 your buyer will pay you the full consideration minus the gains of Rs 51 lakhs which he will deposit in your capital gains account scheme as directed by the ITO.
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