{"id":3791,"date":"2020-08-07T15:56:52","date_gmt":"2020-08-07T10:26:52","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=3791"},"modified":"2021-12-24T10:27:43","modified_gmt":"2021-12-24T04:57:43","slug":"deduction-of-tds-by-nri-on-ltcg","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/deduction-of-tds-by-nri-on-ltcg\/","title":{"rendered":"Deduction of TDS by NRI on LTCG"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Under the Income Tax Act, 1961 as per the TDS provisions when an NRI purchase a property, the buyer is responsible for deducting the TDS and deposit to the government. The applicable TDS shall be deposit to the government and the rest the buyer pays to the seller of property. Those buyers are required to deduct TDS are also required to comply with the relevant compliances like TDS payment, <a href=\"https:\/\/aktassociates.com\/business-compliance\/tax-compliance\/tds-return-filing\">TDS return filing<\/a>, and issuance of TDS certificate.<\/span><\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=59JmFYnqQ7Y&amp;t=6s\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-3605 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Untitled-design-8.png\" alt=\"Buying property from nri seller\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Untitled-design-8.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Untitled-design-8-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Untitled-design-8-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">It is mandatory for the buyer of the property whose seller is non- resident to have Tax Deduction and Collection Account Number (TAN).<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/deduction-of-tds-by-nri-on-ltcg\/#_TDS_deduction_for_a_different_type_of_sellers\" title=\"\u00a0TDS deduction for a different type of sellers:-\">\u00a0TDS deduction for a different type of sellers:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/deduction-of-tds-by-nri-on-ltcg\/#Sale_of_property_by_NRI\" title=\"Sale of property by NRI:-\">Sale of property by NRI:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/deduction-of-tds-by-nri-on-ltcg\/#Way_to_deduct_less_TDS\" title=\"Way to deduct less TDS:-\">Way to deduct less TDS:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/deduction-of-tds-by-nri-on-ltcg\/#Amount_on_which_TDS_is_calculated\" title=\"Amount on which TDS is calculated:-\">Amount on which TDS is calculated:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/deduction-of-tds-by-nri-on-ltcg\/#Time_for_deduction_of_TDS\" title=\"Time for deduction of TDS:-\">Time for deduction of TDS:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/deduction-of-tds-by-nri-on-ltcg\/#TDS_to_the_Government\" title=\"TDS to the Government:-\">TDS to the Government:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/deduction-of-tds-by-nri-on-ltcg\/#TDS_Return\" title=\"TDS Return:-\">TDS Return:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/deduction-of-tds-by-nri-on-ltcg\/#TDS_Certificate\" title=\"TDS Certificate:-\">TDS Certificate:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/deduction-of-tds-by-nri-on-ltcg\/#The_due_dates_of_the_TDS_certificate_are_as_under\" title=\"The due dates of the TDS certificate are as under:-\">The due dates of the TDS certificate are as under:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/aktassociates.com\/blog\/deduction-of-tds-by-nri-on-ltcg\/#Interest_provisions\" title=\"Interest provisions:-\">Interest provisions:-<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"_TDS_deduction_for_a_different_type_of_sellers\"><\/span><span style=\"font-weight: 400;\">\u00a0<\/span><b>TDS deduction for a different type of sellers:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It is important to note that the deduction of TDS depends upon the seller of property. In other words, the rate of deduction of TDS will be different for Residents and Non- Resident Indians.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under <a href=\"https:\/\/aktassociates.com\/blog\/tds-section-194ia\/\">Section 194-IA<\/a>, the rate of\u00a0 TDS deduction for resident sellers is 1% only when the consideration is more than 50 lakhs which is amended now that is, 0.75% from 1% from 14 May 2020 to 31 March 2021. In other words, if the payment of property is more than 50 lakhs then, only TDS shall be deducted not otherwise.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under Section 195, the rate of TDS deduction is 20% for Long Term Capital Gain and Short Term Capital Gain TDS shall deduct as per the slab rates only.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Sale_of_property_by_NRI\"><\/span><b>Sale of property by NRI:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If a resident buy a property from the NRI then, the TDS shall deduct as follows:-<\/span><\/p>\n<p><span style=\"font-weight: 400;\">1.TDS shall be deducted as per the provisions of section 195 of the Income Tax Act,1961.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2. In case the property is held for more than 2 years then there would be <a href=\"https:\/\/aktassociates.com\/blog\/what-is-the-capital-gains-under-the-income-tax-act\/\">Long Term Capital Gain<\/a> and the TDS shall be deducted at the rate of 20%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The exemption benefits available on the Long Term Capital Gains under section 54 and section 54EC are also available with the seller that is, NRI.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/pages.razorpay.com\/free-nri-tax-consulting\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-3540 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Sell-Property.jpg\" alt=\"nri Sell Property\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Sell-Property.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Sell-Property-300x64.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Sell-Property-20x4.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">The effective TDS rates that are, addition if surcharge and health and education cess to Long Term Capital Gain rate, for Long Term Capital Gain are as follows:-<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For income less than 50 lakhs- 20.80%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For income more than 50 lakhs to 1 Crore \u2013 22.88%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For income more than 1 crore- 23.92%<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">3. There would be Short Term Capital Gain if the property held for less than 2 years and the TDS shall be deducted as per the Income Tax slabs in India.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Way_to_deduct_less_TDS\"><\/span><b>Way to deduct less TDS:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In some cases, there is a facility of deduction of lower TDS rates on the <a href=\"https:\/\/aktassociates.com\/blog\/how-to-sell-property-when-you-are-nri\/\">purchase of the property from NRI<\/a>. Here are the following steps to be followed to claim the less deduction of TDS:-<\/span><\/p>\n<p><span style=\"font-weight: 400;\">1. The NRI is required to apply for a lower TDS deduction from the Judicial Assessing Officer of the jurisdiction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2. The Assessing officer if agreed from the contents of the application then, shall issue the certificate within a period of 30 days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">3. Based on the <a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\">certificate of lower TDS<\/a> deduction, now the buyer shall deduct the lower TDS at the rate which is mentioned in the certificate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, it is advisable to mention in the Property Sale Agreement details of the TDS deducted. It is also be noted it is not the responsibility of the Registrar to see the TDS is deducted or not. The registrar will register the agreement even if TDS not deducted or wrongly deducted.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the TDS is wrongly computed then, the Income Tax officer shall not do anything with the seller instead of they shall catch the buyer to pay the TDS to the Government.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-3571 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/02\/Are-you-planning-to-sell-your-property-as-an-NRI_.png\" alt=\"Are you planning to sell your property as an NRI_\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/02\/Are-you-planning-to-sell-your-property-as-an-NRI_.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/02\/Are-you-planning-to-sell-your-property-as-an-NRI_-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/02\/Are-you-planning-to-sell-your-property-as-an-NRI_-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Amount_on_which_TDS_is_calculated\"><\/span><b>Amount on which TDS is calculated:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The amount on which TDS is deducted in case of purchase of property from NRI is depended upon 2 situations:-<\/span><\/p>\n<p><span style=\"font-weight: 400;\">1. When the certificate of lower TDS is not obtained by the seller that is, NRI from the Income Tax Officer, then the buyer can not deduct the TDS on the capital gain account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if the certificate for lower TDS deduction is not obtained then, the buyer shall charge the TDS on the entire transaction value that will be very high. So, it is suitable for obtaining the Lower TDS Deduction Certificate from the Assessing Officer of<a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\"> Income Tax.<\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\">2.When the certificate of Lower TDS Reduction is obtained from the Income Tax Officer:-<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To obtain the certificate the NRI has to follow the following procedure must be followed:-<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The seller is required to apply for the computation of capital gain by the Income Tax officer.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">On the basis of documents, the Income Tax officer shall assess the Capital Gain.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The capital gain which is computed by the assessing officer shall be intimated to the seller that is NRI through a certificate.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The certificate obtained by the NRI shall submit to the buyer for a lower deduction of TDS.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">On the basis of the certificate of Lower deduction of TDS the buyer would deduct less TDS that is, on the amount of capital gain which is computed by Assessing Officer.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Time_for_deduction_of_TDS\"><\/span><b>Time for deduction of TDS:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u00a0The buyer has to compulsorily deduct the TDS earlier to the date of payment or date on which the amount is credited in the bank account or the cash received. In addition to this, the buyer is also required to deduct the TDS on the advance payment.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"TDS_to_the_Government\"><\/span><b>TDS to the Government:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Under the <a href=\"https:\/\/aktassociates.com\/blog\/latest-provisions-under-income-tax-and-gst\/\">provisions of Income Tax Act<\/a>, 1961 the TDS deducted from the buyer has to be deposited to the Government within 7 days from the end of the month in which TDS is deducted. The deducted TDS is deposited through the Challan No. ITNS 281.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"TDS_Return\"><\/span><b>TDS Return:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The return of TDS is to be submitted by the buyer in <a href=\"https:\/\/aktassociates.com\/blog\/nri-tds-return-form-27q\/\">FORM 27Q<\/a>. It is to be filed quarterly not monthly. It is filed for all the quarters in which the TDS is deducted. The due dates for filing the TDS return are as follows:-<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For April to June- 31 July<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For July to September- 31 October<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For October to December- 31 January<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For January to March- 31 May<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Due to COVID- 19 pandemic, the due date of filing TDS return is extended for Financial Year 2019- 20 up to 31 July 2020.<\/span><\/p>\n<h3><a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-3079 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Blank-700-x-150-2.jpg\" alt=\"NRI property\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Blank-700-x-150-2.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Blank-700-x-150-2-300x64.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Blank-700-x-150-2-20x4.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"TDS_Certificate\"><\/span><b>TDS Certificate:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The buyer that is, the deductor is also required to give a <a href=\"https:\/\/aktassociates.com\/blog\/tds-certificate\/\">TDS certificate<\/a> to the deductee that is, the seller in FORM 16A which shows proof that the buyer has deposit the amount which is deducted from the amount of seller not used by the buyer on himself. There are also due dates within which the certificate is to be issued by the buyer otherwise he will have to give late penalties for the delay.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_due_dates_of_the_TDS_certificate_are_as_under\"><\/span><strong>The due dates of the TDS certificate are as under:-<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">For April to June- 15<\/span><span style=\"font-weight: 400;\">th <\/span><span style=\"font-weight: 400;\">August<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For July to September- 15<\/span><span style=\"font-weight: 400;\">th <\/span><span style=\"font-weight: 400;\">November<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For October to December- 15<\/span><span style=\"font-weight: 400;\">th <\/span><span style=\"font-weight: 400;\">February<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For January to March- 15<\/span><span style=\"font-weight: 400;\">th <\/span><span style=\"font-weight: 400;\">June<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Interest_provisions\"><\/span><b>Interest provisions:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>There are also interest provisions on non- deduction of TDS or non- payment of TDS are as follows:-<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Non- deduction of TDS (either wholly or partially)- 1% per month from the date on which the TDS is deductible to the date of actual deduction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">TDS deducted but not deducted- 1.5% per month from the date of deduction to the date of payment.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Under the Income Tax Act, 1961 as per the TDS provisions when an NRI purchase a property, the buyer is &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Deduction of TDS by NRI on LTCG\" class=\"read-more button\" 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