Selling a property in India as an NRI can be a complex process, and there are many questions that arise during the process. In this Blog, we will answer some of the common questions that NRI property sellers have.
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One of the frequently asked questions is related to multiple owners. If there are two owners, for example, a husband and wife who are both NRIs, do they have to apply for two separate applications? The answer is yes. Both owners need to apply for separate certificates since they have separate PAN numbers, and they need to complete the entire process individually. After filing the applications, the authorities will allot them to two different income tax officers, and each officer will handle a separate process.
For more info visit https://aktassociates.com/nri-lower-tds/
However, if there are two buyers, you don’t need to apply for four different certificates. Even if there are two buyers, you need to apply for two applications, and you can get two certificates. It’s essential to understand that the lower DDA certificate that you receive will be buyer-specific. Therefore, if someone cancels the deal, you cannot use the same certificate for another buyer.
Consult CA Arun Tiwari for more info 📞 8080088288 or cs@aktassociates.com
If you have any other legal or tax-related questions while selling your property, you can ask them in the comment section, and we will try our best to answer them. If you want to send your questions through email or phone number, the contact details are mentioned on our website. However, if the questions are complex and require some calculations, there will be a consulting fee, which will be reduced from the total fees if you decide to give us the work related to legal matters or lower DDA application for your property, end-to-end compliance tax filing return, etc.
We encourage you to read all of our blogs where we have covered various aspects related to NRI property selling, and if you have any commonly asked questions, our upcoming blogs may answer them. Thank you for Reading, and we hope this information will be useful to you.
Dear Sir,
I and my wife jointly own a property in India bought 11 years back. I am an NRI while my wife is not. We intend selling this property for 70 Lakhs and are buying another property for 93 Lakhs jointly in India immediately after selling this. How will be the TDS deducted? Is TDS deduction essential even if we are immediately re-investing?
hello,
as your NRI you have to pay 20% TDS and As your wife is Indian resident she have to pay 1% TDS, you can claimed back full TDS if your re-invest the money in another property. for more details you can reach out us at 8080088288 or mail cs@aktassociates.com
What about the CESS calculation in case of a joint property & both are NRI’s and the property is over 50Lakhs – will there be additional cess charge?
As even though the property is worth over 50 lakhs but there are two owners – will the capital get divided by two and therefore no cess charge?
Hi Sir,
Me and my wife jointly owned a property in India and we sold that to 2 resident buyers. One buyer deducted 22.88% TDS for me and another 22.88% for my wife share of 50-50.
My question is:
while filing ITR2 for both of us, what will we show the full value of consideration, value of property as per stamp valuation and cost of acquisition? Will all these figures should be shown as 50-50 for both of our ITRs?
Dear Sir
My wife and I both NRI own a flat in Mumbai in joint name. When selling flat does the buyer need to open 2 TAN accounts for each of us and deposit TDS amount in both our accounts ?
Sir,
We 3 (my father, my sister and I) family members are purchasing a property from an NRI seller (Husband and Wife).
However, my father’s share is 80% and my sister’s share and my share is 10% each.
Will the TDS be equally split or do we have to pay the TDS on our share only?
Thanks.
You have to pay the tds as per the share only.
For more details Please contact our NRI Desk at cs@aktassociates.com or 8080088288.