{"id":4420,"date":"2023-06-17T17:00:12","date_gmt":"2023-06-17T11:30:12","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=4420"},"modified":"2023-05-30T12:58:45","modified_gmt":"2023-05-30T07:28:45","slug":"understanding-tds-payment-and-return-filing-requirements-for-nris-selling-property-in-india","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/understanding-tds-payment-and-return-filing-requirements-for-nris-selling-property-in-india\/","title":{"rendered":"Understanding TDS Payment and Return Filing Requirements for NRIs Selling Property in India"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The sale of property by an NRI (Non-Resident Indian) in India requires compliance with various legal and taxation requirements. <\/span>One of the most crucial aspects is to pay TDS (Tax Deducted at Source) and file TDS returns. Let&#8217;s understand the entire process in detail.<\/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-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/understanding-tds-payment-and-return-filing-requirements-for-nris-selling-property-in-india\/#What_is_TDS\" title=\"What is TDS?\">What is TDS?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/understanding-tds-payment-and-return-filing-requirements-for-nris-selling-property-in-india\/#Sale_of_Property_by_NRI_in_India_%E2%80%93_TDS_Payment\" title=\"Sale of Property by NRI in India &#8211; TDS Payment\">Sale of Property by NRI in India &#8211; TDS Payment<\/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\/understanding-tds-payment-and-return-filing-requirements-for-nris-selling-property-in-india\/#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-4\" href=\"https:\/\/aktassociates.com\/blog\/understanding-tds-payment-and-return-filing-requirements-for-nris-selling-property-in-india\/#TAN_No\" title=\"TAN No.\">TAN No.<\/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\/understanding-tds-payment-and-return-filing-requirements-for-nris-selling-property-in-india\/#Consequences_of_Non-Compliance\" title=\"Consequences of Non-Compliance\">Consequences of Non-Compliance<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/understanding-tds-payment-and-return-filing-requirements-for-nris-selling-property-in-india\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_TDS\"><\/span><strong>What is TDS?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">TDS is a tax collection mechanism where the payer deducts a certain percentage of tax from the payment made to the payee and deposits it with the government. The TDS rates vary based on the type of payment and the applicable tax laws.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Sale_of_Property_by_NRI_in_India_%E2%80%93_TDS_Payment\"><\/span><strong>Sale of Property by NRI in India &#8211; TDS Payment<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-lmzkx-79elbk h-full dark:bg-gray-800\">\n<div class=\"react-scroll-to-bottom--css-lmzkx-1n7m0yu\">As per the Indian Income Tax Act, any property sale by an NRI in India attracts TDS at the rate of 20% on the total sale consideration. However, if the property was held for more than two years, the TDS rate would be 20% on the long-term capital gains (LTCG) portion of the sale consideration.<\/div>\n<div><\/div>\n<\/div>\n<\/div>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4722 size-medium alignleft\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/9824200_4282607-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/9824200_4282607-300x200.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/9824200_4282607-1024x683.jpg 1024w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/9824200_4282607-768x512.jpg 768w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/9824200_4282607-1536x1024.jpg 1536w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/9824200_4282607-2048x1365.jpg 2048w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>The buyer of the property is responsible for deducting and depositing the TDS with the government. Including the sale price and any other consideration paid, such as parking charges, and club membership fees, the total sale consideration is used to calculate the TDS amount. The value of movable assets such as furniture or appliances that may be sold along with the property is exempt from TDS. <\/span><span style=\"font-weight: 400;\">It&#8217;s important to note that the NRI seller needs to obtain a Tax Residency Certificate (TRC) from the country of their residence to avail of the benefits of the Double Taxation Avoidance Agreement (DTAA). DTAA allows the NRI to avoid paying tax twice on the same income in both India and the country of their residence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consult CA Arun Tiwari for more info at \ud83d\udcde\u00a0 8080088288 or <\/span><a href=\"mailto:cs@aktassociates.com\"><span style=\"font-weight: 400;\">cs@aktassociates.com<\/span><\/a><\/p>\n<p><a href=\"\/\/pages.razorpay.com\/akt-nri-tax-consulting\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4424 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/C.png7989.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/C.png7989.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/C.png7989-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"TDS_Return\"><\/span><strong>TDS Return<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">After deducting and depositing the TDS with the government, the buyer must file a TDS return within the specified due dates.\u00a0The TDS return includes details of the TDS deducted, and deposited, and the PAN (Permanent Account Number) of both the buyer and the seller.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"TAN_No\"><\/span><strong>TAN No.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">To file TDS returns, the buyer needs to obtain a TAN (Tax Deduction and Collection Account Number) from the Income Tax Department. TAN is a ten-digit alphanumeric code that serves as an identification number for persons who are required to deduct or collect tax at the source.<\/span><\/p>\n<p><a href=\"\/\/aktassociates.com\/nri-lower-tds\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4422 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/N.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/N.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/N-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Consequences_of_Non-Compliance\"><\/span><strong>Consequences of Non-Compliance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Non-compliance with the TDS payment and return filing requirements can attract severe penalties and legal consequences. The buyer may face penalties for non-deduction or short-deduction of TDS, non-payment or short payment of TDS, or delay in filing the TDS return. The penalties may range from simple interest on the amount due to imprisonment for non-compliance with the provisions of the Income Tax Act.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">In summary, the sale of property by an NRI in India requires compliance with TDS payment, TDS return filing, and obtaining TAN. The buyer of the property needs to deduct TDS at the applicable rates and deposit it with the government. The buyer also needs to file the TDS return and obtain a TAN to comply with the legal requirements. Timely compliance with the applicable provisions of the Income Tax Act is necessary to avoid severe penalties and legal consequences for non-compliance with these requirements.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The sale of property by an NRI (Non-Resident Indian) in India requires compliance with various legal and taxation requirements. One &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Understanding TDS Payment and Return Filing Requirements for NRIs Selling Property in India\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/understanding-tds-payment-and-return-filing-requirements-for-nris-selling-property-in-india\/#more-4420\">Read more<span class=\"screen-reader-text\">Understanding TDS Payment and Return Filing Requirements for NRIs Selling Property in India<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":4426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[122,74,253,251,252],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TDS Payment and Return Filing for NRIs Selling Property in India.<\/title>\n<meta name=\"description\" content=\"This article discusses the TDS payment and return filing process for NRIs selling property in India, including TRC, DTAA, and compliance requirements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aktassociates.com\/blog\/understanding-tds-payment-and-return-filing-requirements-for-nris-selling-property-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding TDS Payment and Return Filing Requirements for NRIs Selling Property in India\" \/>\n<meta property=\"og:description\" content=\"This article explains the legal and taxation requirements for Non-Resident Indians (NRIs) selling property in India, focusing on the Tax Deducted at Source (TDS) payment and return filing process. The article covers the TDS rates, TDS return filing, Tax Residency Certificate (TRC), Double Taxation Avoidance Agreement (DTAA), TAN, and the consequences of non-compliance with the legal provisions of the Income Tax Act.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aktassociates.com\/blog\/understanding-tds-payment-and-return-filing-requirements-for-nris-selling-property-in-india\/\" \/>\n<meta property=\"og:site_name\" content=\"AKT Associates\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-17T11:30:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-30T07:28:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/Understanding-TDS-Payment-and-Return-Filing-Requirements-for-NRIs-Selling-Property-in-India.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"CA Arun Tiwari\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Understanding TDS Payment and Return Filing Requirements for NRIs Selling Property in India\" \/>\n<meta name=\"twitter:description\" content=\"This article explains the legal and taxation requirements for Non-Resident Indians (NRIs) selling property in India, focusing on the Tax Deducted at Source (TDS) payment and return filing process. 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