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I am an NRI based in Singapore. I have a flat worth INR 65 lakh in Bengaluru. I now wish to sell it and buy another property worth INR1.2 crore. Do I have to pat tax deducted at source (TDS)? Can I apply for a nil TDS certificate?
I am an NRI based in Singapore. I have a flat worth INR 65 lakh in Bengaluru. I now wish to sell it and buy another property worth INR1.2 crore. Do I have to pat tax deducted at source (TDS)? Can I apply for a nil TDS certificate?
Kishan
Answered on February 05,2020
Answered on February 05,2020
For NRIs, receipts from sale of your house property would attract TDS based on whether there are long-term capital gains (taxed at 20% plus cess plus surcharge) or short-term gains (taxed at slab rates plus cess plus surcharge).
If your gains are below the taxable limit or you make a loss, or a lower tax rate applies to you, you can apply for a certificate for nil or lower rate of TDS. Based on the certificate, TDS will be deducted by the buyer accordingly.
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