I’m an nri and selling a property in India The tax as per new rules is 12.5% but the buyer is insisting on paying a tds of 20% Can someone send me a link to the bulletin where tds is at the new rate if it’s changed
yes, you are right. The TDS rate for long term capital gain for NRI seller is 12.5%. Please note that the effective rate of TDS will be 14.95% which incudes 15% surcharge and 4% education crss.
You may refer to First schedule of Finance Act (no. 2) 2024 PART II RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES for clarification.
Thank you. The property is held jointly with my wife Can the tds be paid into the income tax account of the main seller or it should be paid to both. If it’s paid in just my account will my wife incur an interest on unpaid advance tax ?