- TDS rate would be 20.8% assuming legal heirs have equal share in the property
- Both need to apply for TAN
For detailed discussion, you may opt for phone consultation
TDS on property sale from joint owners (Indian & NRI)
We are planning to buy a resale property of value of around 1cr. The actual owner of the property (father) is no more and there are 3 legal heir for the property, mother and two Sons. Out of that one legal heir is NRI who also has the power of attorney to sell the property. We are having confusion about the TDS applicable in this case as one of the owner is NRI. What should be the TDS in this case? Should it be 1% or more than 20%? Should I apply TAN for the same? Since me and my wife will be Co-owner and will be contributing towards payment, will both of us need to apply for TAN? Can a joint TAN be applied?
Asked 1 year ago in Income Tax
Hello,
TDS Rate: The TDS rate for the sale of immovable property by an NRI is typically 20.8%. This rate is calculated on the total sale consideration.
Each person liable to deduct TDS may need to apply for a separate TAN.Joint TAN is not allowed.
Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.
Thank you.
Shubham Goyal
On two co-owners who are resident it will be 1% for third co-owner who is non-resident it will be 20%.
Hope you find the information helpful, if yes do rate if 5 and provide your valuable feedback for my improvement.
Thank you
Ask a Chartered Accountant
Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
Ask a CA