Buying an NRI's flat? Know the tax impact.
Individuals who have purchased property from non-residents find themselves grappling with several income tax-related challenges. To begin with, it's difficult to determine the seller's tax status (whether he is a resident or non-resident in India according to the I-T Act).
This is crucial, as tax is required to be deducted at 20% (in come cases even higher) for property purchased from a non-resident, as opposed to 1% where the seller is a tax resident. In case of wrong deduction, penalties apply, and the buyer can face prosecution.
When property is purchased from a resident, according to section 194-IA, TDS obligations kick in only if the sale consideration is above Rs 50 lakh. In case the purchase is from a non-resident, according to section 195, TDS obligations apply in all cases irrespective of the quantum.
Share your Comments
In this Issue
|Sachin Gupta Named Assistant General Manager Of Detroit Pistons|
Sachin Gupta, son of Ram and Mitu Gupta of Carlisle, MA, was named Assistant General Manager of Detroit Pistons. [more]
|Unveiling Of Srila Prabhupada’s Brass Statue|
ISKCON Temple of Boston performed with utmost jubilance the unveiling of Srila Prabhupada’s Brass Statue on Sunday, Aug 5, 2018 at 11:30AM with hundreds of devotees. [more]
|Arangetram: Sruthi Takillapati|
We were basking in the best time of the year, the Music and Dance Arangetram Season! One such joyous occasion was the Bharatnatyam Arangetram of Sruthi Takillapati, student of Smt Sapna Krishnan, which took place on July 14, 2018 at the Grafton High School. [more]
|NASA Chooses Astronaut Sunita Williams Among Nine For Human Spaceflight|
Sunita Williams and the astronauts will fly on a spacecraft developed by SpaceX and Boeing as part of the U.S. space agency's Commercial Crew Program to send humans to the International Space Station on private U.S. spacecraft. [more]
Catch up, register and purchase tickets for the upcoming events and concerts including Ekal Appathon, Shringara Triveni, Shaam-E-Ghazal with Kiran Nath, Philomela Concert, Mithas: Mita Nag, Shadaj: Manjiri Asanare-Kelkar, T.M. Krishna and MITHAS Membership. [more]
You may also access this article through our web-site http://www.lokvani.com/