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TDS on Property /Obtaining Lower Tax Certificate on Sale of Properties by NRI
As per Section 195 of the Income Tax Act, payment to a Non resident, be it sale consideration towards the sale of property, Rent, Interest, Professional fees, commission, royalty, etc., is subject to Tax Deduction at Source (TDS).
Suppose, an NRI sells a flat (Long Term) in Mumbai for Rs.90 lakhs, the buyer of the property has to deduct TDS at 22.88% (FY 2022-23).
In order to reduce the TDS burden, the seller of the property can apply to the department to issue a certificate for deduction of lower rates. Further, we also assist in filing of TDS returns to the Government.
We at S.V.Bhat & Co. have gained good exposure in dealing with NRI taxation, TDS and Lower tax certificate services. For more information or services may kindly write to [email protected]