{"id":4462,"date":"2023-06-24T17:00:37","date_gmt":"2023-06-24T11:30:37","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=4462"},"modified":"2023-06-23T17:46:27","modified_gmt":"2023-06-23T12:16:27","slug":"navigating-tds-on-sale-of-property-by-nris-in-india-key-considerations-for-sellers","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/navigating-tds-on-sale-of-property-by-nris-in-india-key-considerations-for-sellers\/","title":{"rendered":"Navigating TDS on Sale of Property by NRIs in India: Key Considerations for Sellers"},"content":{"rendered":"<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\/navigating-tds-on-sale-of-property-by-nris-in-india-key-considerations-for-sellers\/#The_seller_should_take_care_of_the_applicability_of_TDS_on_the_sale_of_property_by_NRI_in_India_and_other_related_matters\" title=\"The seller should take care of the applicability of TDS on the sale of property by NRI in India and other related matters\">The seller should take care of the applicability of TDS on the sale of property by NRI in India and other related matters<\/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\/navigating-tds-on-sale-of-property-by-nris-in-india-key-considerations-for-sellers\/#Applicability_of_TDS_on_Sale_of_Property_by_NRI_in_India\" title=\"Applicability of TDS on Sale of Property by NRI in India:\">Applicability of TDS on Sale of Property by NRI in India:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/navigating-tds-on-sale-of-property-by-nris-in-india-key-considerations-for-sellers\/#1_Short-term_capital_asset\" title=\"1. Short-term capital asset: \">1. Short-term capital asset: <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/navigating-tds-on-sale-of-property-by-nris-in-india-key-considerations-for-sellers\/#2_Long-term_capital_asset\" title=\"2. Long-term capital asset:\">2. Long-term capital asset:<\/a><\/li><\/ul><\/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\/navigating-tds-on-sale-of-property-by-nris-in-india-key-considerations-for-sellers\/#The_seller_should_take_care_of_the_following_things\" title=\"The seller should take care of the following things.:\">The seller should take care of the following things.:<\/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\/navigating-tds-on-sale-of-property-by-nris-in-india-key-considerations-for-sellers\/#Conclusion\" title=\"Conclusion: \">Conclusion: <\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"The_seller_should_take_care_of_the_applicability_of_TDS_on_the_sale_of_property_by_NRI_in_India_and_other_related_matters\"><\/span><strong>The seller should take care of the applicability of TDS on the sale of property by NRI in India and other related matters<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The sale of property by Non-Resident Indians (NRIs) in India is subject to certain tax implications, including the requirement to deduct Tax Deducted at Source (TDS). The Indian government ensures the collection of taxes at the time of the transaction itself through TDS, which is a mechanism. In this article, we will discuss the applicability of TDS on the sale of property by NRIs in India and the key things that sellers need to take care of.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Applicability_of_TDS_on_Sale_of_Property_by_NRI_in_India\"><\/span><strong data-wp-editing=\"1\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-4467 size-medium\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/9914175_4319555-300x200.jpg\" alt=\"Sale of Property\" width=\"300\" height=\"200\" \/>Applicability of TDS on Sale of Property by NRI in India:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As per the Indian Income Tax Act, 1961, when an NRI sells a property in India, the buyer is required to deduct TDS on the sale proceeds before making the payment to the NRI seller. The applicable rate of TDS depends on whether the property is a short-term capital asset or a long-term capital asset.<\/span><\/p>\n<p><strong>Next stop: Learn more about <a href=\"https:\/\/aktassociates.com\/blog\/understanding-tds-provisions-for-nris-selling-property-in-india\/\">TDS Provisions for NRIs Selling Property in India!<\/a><\/strong><\/p>\n<h4><span class=\"ez-toc-section\" id=\"1_Short-term_capital_asset\"><\/span><span style=\"font-weight: 400;\"><strong>1. Short-term capital asset:<\/strong> <\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">If the property is held for a period of up to 2 years before selling, it is considered a short-term capital asset. In such cases, the TDS rate is 30% of the total sale proceeds.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"2_Long-term_capital_asset\"><\/span><span style=\"font-weight: 400;\"><strong>2. Long-term capital asset:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\"> If the property is held for a period of more than 2 years before selling, it is considered a long-term capital asset. In such cases, the TDS rate is 20% of the total sale proceeds.<\/span><\/p>\n<p><strong>Consult CA Arun Tiwari for more info at \ud83d\udcde\u00a0 8080088288 or <a href=\"mailto:cs@aktassociates.com\">cs@aktassociates.com<\/a><\/strong><\/p>\n<p><a href=\"https:\/\/pages.razorpay.com\/akt-nri-tax-consulting\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4463 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/spirit-night.g.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/spirit-night.g.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/spirit-night.g-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">However, the actual TDS liability may vary based on the total income of the NRI seller and the availability of exemptions, deductions, or benefits under the applicable Double Taxation Avoidance Agreement (DTAA) between India and the country of residence of the NRI. It is advisable for NRIs to consult with a qualified tax professional to determine the correct TDS liability.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_seller_should_take_care_of_the_following_things\"><\/span><strong>The seller should take care of the following things.:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As an NRI seller, there are certain important things that you need to take care of while dealing with the TDS requirements for the sale of property in India:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Obtain a Tax Deduction and Collection Account Number (TAN):<\/strong> Before the buyer deducts TDS on the sale proceeds, the NRI seller needs to obtain a TAN from the Indian Income Tax Department. All TDS-related documents require mentioning a unique 10-digit alphanumeric number called TAN, and the seller should take care of it.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Calculate the Correct TDS Amount:<\/strong> As mentioned earlier, the actual TDS liability may vary based on various factors. The NRI seller needs to calculate the correct TDS amount based on the applicable rates, exemptions, and deductions, and communicate the same to the buyer.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Submit Form 15G\/15H, if applicable:<\/strong> If the NRI seller&#8217;s total income is below the taxable limit and there is no other tax liability in India, he\/she can submit Form 15G (for individuals below 60 years) or Form 15H (for individuals above 60 years) to the buyer. These forms declare that the NRI seller&#8217;s income is below the taxable limit, and hence, no TDS should be deducted<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Collect TDS Certificate (Form 16B):<\/strong> Once the buyer deducts TDS, he\/she is required to provide a TDS certificate (Form 16B) to the NRI seller within 15 days from the due date of TDS payment. The NRI seller needs to collect this certificate as it serves as proof of TDS deduction.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong>File Income Tax Return:<\/strong> The NRI seller needs to file an income tax return in India to report the sale of property and the TDS deducted. This is important to reconcile the TDS credit with the actual tax liability and claim any refund<\/span><\/span><\/li>\n<\/ol>\n<h4><a href=\"https:\/\/aktassociates.com\/nri-lower-tds\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4466 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/Are-you-planning-to-sell-property-in-India-png.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/Are-you-planning-to-sell-property-in-India-png.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/Are-you-planning-to-sell-property-in-India-png-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h4>\n<h3><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion: <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The sale of property by NRIs in India is subject to TDS requirements, and it is important for NRI sellers to be aware of the applicable rates and comply with tax laws. NRIs should obtain a TAN, calculate the correct TDS amount, and submit Form 15G\/15H if applicable. Additionally, NRI sellers should collect the TDS certificate from the buyer and file an income tax return in India to report the sale and TDS details. It is advisable for NRI sellers to seek professional tax advice to ensure compliance with the relevant tax laws, including any exemptions or benefits available under the applicable DTAA. Non-compliance with TDS requirements can result in penalties and legal repercussions. Being diligent and proactive in fulfilling the TDS obligations can help NRI sellers avoid any unnecessary complications and ensure a smooth and compliant property sale transaction in India.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The seller should take care of the applicability of TDS on the sale of property by NRI in India and &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Navigating TDS on Sale of Property by NRIs in India: Key Considerations for Sellers\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/navigating-tds-on-sale-of-property-by-nris-in-india-key-considerations-for-sellers\/#more-4462\">Read more<span class=\"screen-reader-text\">Navigating TDS on Sale of Property by NRIs in India: Key Considerations for Sellers<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":4468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[750,260,74,751,97,259,252,752,749,753],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TDS on Sale of Property by NRIs | Key Considerations for Sellers<\/title>\n<meta name=\"description\" content=\"Learn about TDS on property sale by NRIs in India. 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