Hi
Since you are purchasing the property from a resident Indian, 194IA shall be applicable to you and you need to deduct TDS @1% (currently .75% due to covid relaxation).
The earlier liability shall not be yours.
NRI TDS not paid by previous owner
Previous owner has paid only 1% tds on the property purchased from nri instead of 22.22% in 2019 We have bought this property from the resident seller deducting 0.75% TDS now. Would the previous tax liability fall on us or the previous owner or the property in question?
Asked 4 years ago in Property Tax
- No previous owner tax liability default will not fall on you. You are required to deduct TDS @0.75% only.
The default was committed by previous owner, hence you are not liable for that.
Dear Sir,
Hope you are doing well !!
No, there would be no previous tax liabilities on you.
You are required to deduct TDS @0.75% only.
Hello,
Liability created due to default by the previous owner won't fall on you.
In your purchase, you would be liable to deduct TDS @ 0.75%.
Regards,
CA Hunny Badlani
No the previous liability won't fall on you.
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