Its a brilliant well presented step by step guide for NRIs contemplating to sell their property in India. I have two queries,which remain after watching this video again and again,which I am sure your team can answer: 1-Before the Agreement to sale(ATS)/First agreement to sale ,is registered,the buyer pays a contribution payment,say for example 20 or 30% of total sale value.Is the Lower TDS(LTDS) deductible on this amount or not? If not,Is it therefore avisable to take this payment once LTDS certificate is received.2-As part of whole package,would your team be able to provide a language template for initial MOU, ATS and final sale deed. Many thanks
It was told at beginning of video you will be explaining about how to apply for low tds but there was nothing regrading it how to apply on whole video. Its nit correct. Otherwise whole video was knowledgeable and good. Thank you.
You have explained the procedure very well. Thanks. I will be writing to you shortly. I'm an NRI living in Australia with an inherited property in India that I want to sell.
Very well explained. Thanks. I understand from your video that an NRI’s CA can apply for actual applicable TDS (applicable on Long Term Capital Gain) before a buyer offer. Please confirm that my understating is correct.
If a property is owned jointly by an NRI and an Indian citizen, the NRI pays 20% TDS on the sale value, while the resident pays 1%. For more information feel free to contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com
Nice info and thanks. I have 2 queries. 1. is there any timeline period to re-invest after selling the property by NRI in India. 2. can we invest back again on land? if yes, then is construction mandatory on that land?
1. Yes, there's a timeline for reinvestment. NRIs typically have 2 years to reinvest capital gains from property sales to claim tax exemption under Section 54 of the Income Tax Act. 2. Yes, reinvestment in land is possible, but for tax exemption, construction on the land might be mandatory. For more information contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com
My question is if Capital Gain and TDS are different or same thing. For example if there is NRI , who plan to sell inherited ( in 2008) rural agriculture land ( 20 km outside muncipality limt worth 1 crore rupee which has no Capital gain and NRI has no income in India. If TDS will be deducted on this sale, if yes if he can get nill tds cerificate from income tax thro your service and then buyer don't deduct tds.
Both things are different, If you are selling any property in India you have to deposit TDS (Maximum 23.92%) without applying LTDS. Then, if no capital gain arises, you can claim a refund while filing an ITR. For more information feel free to free to contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com
Sir, my query is this: I am going to purchase a residential apartment from an NRI. She acquired this apartment as her share free of cost, from the builder with whom she entered into Development Agreement Cum GPA. How can I deduct TDS from the sale proceed and at what rate please? Thank you.
You should deduct 1% TDS, which the buyer must deposit in the name of the seller. For more information feel free to contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com
Watch our latest video on this year's budget and its implications for NRI taxes. CA Arun Tiwari Discussed about the removal indexation, it will clear all your doubts. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ONTSUxrJgrk.html
One thing looks little conflicting, in india all payments are made or handed over as a draft while buyer and seller reaches registrar office and that exchange is done while signing the papers, am i right or missing something
You cannot claim tax exemptions if you reinvest in the USA, you must reinvest in India to receive benefits. For more information feel free to contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com
Considering sale valur as 1.5CR and NRI seller does not get a lower tds, buyer has to deduct around 23% tax, now buyer has to pay 20% down payment (80%is loan) , how shall we proceed, does bank transfer 3% excell to buyer and rest 77% goes to seller
Please if NRI want to sell property and if let’s example sale value 1 cr and lower TDS amount is 7 lakh rupees, but now NRI want to reinvest 1 cr again, so my question is this is it need to pay that 7 lakh or not because 7 lakh my buyer have to cut and submit TDS but if I want to reinvest then how much my buyer pay TDS.
You have to reinvest whatever capital gain you received into Govt bonds or residential property For more info contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com
Sir, if seller is not disclosing that he is NRI, and buyer is not aware about the seller residency Status, how buyer can be safe with tax recovery from him or any penalty in future if arises, can we take any documents from the seller for the safety point of view
how can NRIs take out more than the limit of 1 million dollars in a financial year on sale of property . If they sold the property for about 10 million dollars as an example, do they have to wait for 10 years to withdraw 1 million dollar in each year or can they withdraw the entire amount in a single financial year
What NRIs can do is seek approval from the RBI to repatriate the entire amount in one financial year. For more information contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com
How long is this lower TDS certificate good for ? I may have prospective buyer for now but what happens if he backs out and I can’t find buyer for another 6 months ?
The lower TDS certificate is valid for the financial year it's issued in. for more information contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com
It might not count as capital gain, but it depends on the source, amount, and local laws. For more details contact our NRI desk @ 8080088288 or email us at cs@aktassociates.com
No tax on NRI property sale if proceeds are fully reinvested in Indian property Contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com to know more
Not quite, NRIs may have tax on capital gains, but account type won't affect it Contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com to know more
The sale proceeds after TDS will have to be credited to NRO account. No question about NRE tax exemption here. Person has to file IT return showing Capital gains and claim refund.
You can easily find out on the Internet. If you have any questions feel free to free to contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com
The procedure is going to be the same. As per the new tax rules LTCG is taxed at 12.5%, and STCG at 20%. The indexation benefit is removed by govt. For more information, you can contact our NRI Desk at 8080088288 or email us at cs@aktassociates.com
Our office is located in Navi Mumbai, but we provide services all over India. To get to know our charges feel free to contact our NRI desk at 8080088288 or email us at cs@aktassociates.com
