{"id":4619,"date":"2023-07-21T17:00:28","date_gmt":"2023-07-21T11:30:28","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=4619"},"modified":"2024-01-05T18:21:25","modified_gmt":"2024-01-05T12:51:25","slug":"understanding-residency-status-for-property-sale-by-nris-in-india","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/understanding-residency-status-for-property-sale-by-nris-in-india\/","title":{"rendered":"Understanding Residency Status for Property Sale by NRIs in India"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As an NRI (Non-Resident Indian), selling a property in India comes with certain tax implications, one of which is determining the residency status of the seller. It&#8217;s crucial to ascertain whether the seller is a resident or non-resident in India, as it impacts the tax treatment of the property sale. Let&#8217;s delve into this topic in detail.<\/span><\/p>\n<p><b>Hate reading, Watch the video<\/b><\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/KGLvkpoxSAA\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/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-residency-status-for-property-sale-by-nris-in-india\/#Resident_Seller\" title=\"Resident Seller:\">Resident Seller:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/understanding-residency-status-for-property-sale-by-nris-in-india\/#Non-Resident_Seller\" title=\"Non-Resident Seller:\">Non-Resident Seller:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/understanding-residency-status-for-property-sale-by-nris-in-india\/#Tax_Implications_for_Sale_of_Property_by_Resident_Seller\" title=\"Tax Implications for Sale of Property by Resident Seller:\">Tax Implications for Sale of Property by Resident Seller:<\/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-residency-status-for-property-sale-by-nris-in-india\/#1_Capital_Gains_Tax\" title=\"1. Capital Gains Tax: \">1. Capital Gains Tax: <\/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-residency-status-for-property-sale-by-nris-in-india\/#2_TDS_Tax_Deducted_at_Source\" title=\"2. TDS (Tax Deducted at Source):\">2. TDS (Tax Deducted at Source):<\/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\/understanding-residency-status-for-property-sale-by-nris-in-india\/#Tax_Implications_for_Sale_of_Property_by_Non-Resident_Seller\" title=\"Tax Implications for Sale of Property by Non-Resident Seller:\">Tax Implications for Sale of Property by Non-Resident Seller:<\/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\/understanding-residency-status-for-property-sale-by-nris-in-india\/#1_Capital_Gains_Tax-2\" title=\"1. Capital Gains Tax: \">1. Capital Gains Tax: <\/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\/understanding-residency-status-for-property-sale-by-nris-in-india\/#2_TDS_Tax_Deducted_at_Source-2\" title=\"2. TDS (Tax Deducted at Source): \">2. TDS (Tax Deducted at Source): <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/understanding-residency-status-for-property-sale-by-nris-in-india\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Resident_Seller\"><\/span><strong><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4624 size-medium alignright\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/26520455_7242399-300x300.jpg\" alt=\"Residency Status\" width=\"300\" height=\"300\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/26520455_7242399-300x300.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/26520455_7242399-1024x1024.jpg 1024w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/26520455_7242399-150x150.jpg 150w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/26520455_7242399-768x768.jpg 768w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/26520455_7242399-1536x1536.jpg 1536w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/26520455_7242399.jpg 2000w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>Resident Seller:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A resident seller in India refers to an individual who meets the residency criteria as per the Income Tax Act, of 1961. According to the Act, an individual is considered a resident in India if they satisfy any of the following conditions:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Stay in India during the financial year (April to March) is 182 days or more, OR<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Stay in India during the financial year is 60 days or more and in total, 365 days or more in the preceding four financial years.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If the seller meets either of these criteria, The authorities consider them a resident seller for tax purposes in India.<\/span><\/p>\n<p><em><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><\/em><\/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-4622 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/C.png1324.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/C.png1324.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/C.png1324-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Non-Resident_Seller\"><\/span><strong><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4625 size-medium alignright\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/7435189_3647443-300x240.jpg\" alt=\"Residency Status\" width=\"300\" height=\"240\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/7435189_3647443-300x240.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/7435189_3647443-1024x820.jpg 1024w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/7435189_3647443-768x615.jpg 768w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/7435189_3647443-1536x1230.jpg 1536w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/7435189_3647443.jpg 1963w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>Non-Resident Seller:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">On the other hand, a non-resident seller in India refers to an individual who does not meet the above-mentioned residency criteria and, therefore, does not qualify as a resident seller. A person is classified as a non-resident seller if they spend less than 365 days overall during the past four financial years\u2014that is, less than 365 days in India\u2014in addition to less than 182 days during the current fiscal year and less than 60 days during the previous fiscal year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The correct determination of the residency status of the seller is crucial, as it has significant implications for the tax treatment of the property sale by an NRI in India.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4467 \" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/9914175_4319555-scaled-e1688389842182-1024x558.jpg\" alt=\"Residency Status \" width=\"640\" height=\"349\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tax_Implications_for_Sale_of_Property_by_Resident_Seller\"><\/span><strong>Tax Implications for Sale of Property by Resident Seller:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>If the seller is a resident of India, the following tax implications apply:<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Capital_Gains_Tax\"><\/span><span style=\"font-weight: 400;\"><strong>1. Capital Gains Tax:<\/strong> <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The profit from the sale of the property is subject to capital gains tax. If someone keeps a piece of property for longer than two years, They regard it as a long-term capital asset, and the profits are subject to indexation and a 20% tax rate. If someone keeps a piece of property for two years or less, They regard it as a short-term capital asset, and any gains are subject to the corresponding slab rates of taxation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_TDS_Tax_Deducted_at_Source\"><\/span><span style=\"font-weight: 400;\"><strong>2. TDS (Tax Deducted at Source):<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"> If the sale consideration exceeds Rs. 50 lakhs, Before making the payment to the seller, the buyer must deduct TDS at the rate of 1% of the sale consideration.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/aktassociates.com\/nri-lower-tds\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4623 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/N.png123456.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/N.png123456.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/04\/N.png123456-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tax_Implications_for_Sale_of_Property_by_Non-Resident_Seller\"><\/span><strong>Tax Implications for Sale of Property by Non-Resident Seller:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>If the seller is a non-resident in India, the following tax implications apply:<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Capital_Gains_Tax-2\"><\/span><span style=\"font-weight: 400;\"><strong>1. Capital Gains Tax:<\/strong> <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Similar to resident sellers, capital gains tax is applicable on the profit made from the sale of the property. If you hold the property for more than 2 years, they consider it a long-term capital asset, and the gains are taxed at 20% with the benefit of indexation. If you hold the property for 2 years or less, the authorities consider it a short-term capital asset, and they will tax the gains according to the applicable slab rates.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4042 \" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/14261213_1911.i105.017..isometric-tax-accounting-horizontal-illustration-scaled-e1680161779690-1024x532.jpg\" alt=\"Residency Status\" width=\"600\" height=\"312\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/14261213_1911.i105.017..isometric-tax-accounting-horizontal-illustration-scaled-e1680161779690-1024x532.jpg 1024w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/14261213_1911.i105.017..isometric-tax-accounting-horizontal-illustration-scaled-e1680161779690-300x156.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/14261213_1911.i105.017..isometric-tax-accounting-horizontal-illustration-scaled-e1680161779690-768x399.jpg 768w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/14261213_1911.i105.017..isometric-tax-accounting-horizontal-illustration-scaled-e1680161779690-1536x798.jpg 1536w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/14261213_1911.i105.017..isometric-tax-accounting-horizontal-illustration-scaled-e1680161779690-2048x1065.jpg 2048w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_TDS_Tax_Deducted_at_Source-2\"><\/span><span style=\"font-weight: 400;\"><strong>2. TDS (Tax Deducted at Source):<\/strong> <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If someone purchases the property from a non-resident, Before making the payment to the seller, the buyer must deduct TDS at the rate of 20% of the sale consideration.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s important to note that in the case of the sale of agricultural land, certain exemptions may apply for both resident and non-resident sellers. It&#8217;s advisable to consult a tax professional or a chartered accountant<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Determining the residency status of the seller is crucial when selling a property in India as an NRI. The residency status of the seller impacts the tax treatment of the property sale, including capital gains tax and TDS. Resident sellers and non-resident sellers have different tax implications and TDS rates. It&#8217;s essential to consult a tax professional or a chartered accountant for proper guidance on the tax implications of property sales in India based on the residency status of the seller. Understanding the residency status and associated tax implications will ensure compliance with Indian tax laws and avoid any potential legal or financial issues in the property sale process.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As an NRI (Non-Resident Indian), selling a property in India comes with certain tax implications, one of which is determining &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Understanding Residency Status for Property Sale by NRIs in India\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/understanding-residency-status-for-property-sale-by-nris-in-india\/#more-4619\">Read more<span class=\"screen-reader-text\">Understanding Residency Status for Property Sale by NRIs in India<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":4626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[303,304,306,305],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding Residency Status for Property Sale by NRIs in India<\/title>\n<meta name=\"description\" content=\"Learn about residency status, tax implications &amp; TDS rates for NRIs selling property in India. 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