NRI Lower TDS certificate on Sale of Property
Step 1: Send us an inquiry or call us on 8080809061.
Step 2: Our Team will call you to understand the requirement send you documents list
Step 3: Send documents by WhatsApp @ 9699042660 or email [email protected]
Step 4: We will file required documents for approval and also apply for Temp TAN No.
Step 5: Success! Get your Lower TDS certificate.
- As Per Documents List sent by us.
- 10-15 Days
- Best Team of CA/CS to take care Lower TDS Work.
- Lowest Fees in the industry.
- Prompt and proper certificate and advisory.
- Your one stops solution to all legal, compliance, and financial worries
- Convenient WhatsApp based co-ordination to get your work done faster from anywhere in the world.
- The only Firm in the world to extend complete WhatsApp based tax compliance.
Comprehensive Online Application for Lower or NIL TDS Services
Our Service will include
– Computation of Lower TDS rate or NIL TDS
– Application to Income tax department
– Temporary Tan Application
– Filing of Required documents
– Issue of Lower TDS/NIL TDS Certificate
NRI Lower TDS Certificate Requirement
If an Indian NRI sells his property located in India after retaining it at least for three years, then he has to pay long-term capital gain tax at 22.66% U/s 195 of Income Tax Act 1961 on the sale value of the property. However there are deductions available for investment in property or Bonds. In such situation first paying tds and then claiming refund, which may take months if not years, is not a wise decision.
Instead NRI Sellers can apply for lower or NIL TDS Deduction Certificate from Income tax department, which saves them from, hassles as well as avoid locking of 20.6% of sales value of property for months which could have been avoided.
The best idea to apply for Low or NIL TDS certificate U/s 197 of Income Tax Act as soon as you find a prospective buyer and properly sale value is fixed.
Apart from that here is the twist An NRI can apply for lower tax deduction. i.e. for deducing his TDS only on capital gains. The TDS (U/s 195) will be calculated only on capital gain rather than on complete sale value.
Bonus, you can save this TDS as well as by reinvesting re-invest the capital gain in another property within two years or investing in tax-free bonds (within six months). And they need to apply for a lower TDS certificate under section 195 of income tax. He needs to apply to ask a CA to file for 15CB &15 CB and can remit the money to his country or can keep this money in his NRO account, with a maximum limit of $1 million.
We at AKT associate can help you in A to Z processes so that you can focus on your work. we have a team of best CA/CS to advice you on your financial/taxation matters .any services CA letter, tax calculation, Tax benefits, and tax planning, Moreover, you can do all this process online from anywhere in the world.
Let It Clear The Confusion
How to define a residential status for NRI?
*If an Indian citizen is spending at least 182 days out of India.
*The person is in India for 2 months in the previous year and has lived in India for entire one year in last four year
His residential status is NRI
For PIO (person of Indian origin) only 1st condition is applicable.
Lower TDS Application is processed Online or Offline?
Currently the process is upgraded to Online Application for Lower TDS, However post upload physical documents also need to be deposited duly signed.
What is rate of TDS Under section 195 on sale of property for NRI?
For an Indian NRI TDS rate U/s 195 is 20.6% of Sale or agreement value. While 1% TDS is only applicable for Resident Property sellers. This is rate is same as Capital gain tax rate for NRI tax payers.
What if I declare myself Resident how IT dept. will come to know?
Never try to do this, although we have heard many NRI doing this, and proudly claiming that they got complete payment without an issue. However considering that the IT can easily get you taxes residency status using you bank details or Passport visa details. The follow up consequences will be terrible, you will not only liable to pay tax at higher rate but also get penalties along with imprisonment for mis-declaration. So never take short cut instead take proper procedure and obtain NIL/Lower TDS deduction certificates.
What is Long term Capital gain tax on sale of NRI Property?
When Property is held for a period more then 36 months then profit arrived on such properties are called long-term capital gain. While if property is sold before 36 months it is called Short term capital gain and tax paid on that is called Short term capital gain tax.
Do an NRI need to be present for lower deduction certificate?
Not exactly, He can authorize someone on his behalf and get it done from his country of current residence. You can authorize AKT Associates to take care of end-to-end TDS proceedings.
Whose responsibility to take lower TDS?
It is seller responsibility to take lower TDS/ NIL TDS certificate and submit to buyer.
Whose responsibility to deduct and pay TDS?
It is buyers’ responsibility to deduct and deposit TDS in Property.
What is NIL or Zero TDS Certificate or No TDS deduction certificate?
When Income tax department stating No TDS is required to be deducted issues a TDS certificate, then it is called NIL TDS or Zero TDS Certificate or Non TDS deduction certificate. In such situation seller of property gets complete sell proceed without any deduction, Not even 1% Deduction.
What is TDS Exemption certificate Under section197?
It is another name of NIL or Zero or No tds certificate issued to NRI Property seller.
How to get TDS Exemption certificate for NRI Sell of Property?
To get NIL or No TDS Certificate, a calculation need to be submitted along other documents to satisfy Assessing officer that there is no Capital gain is arising from the given property sale.
What is Lower TDS application is rejected?
In that case TDS will be required to paid however the NRI person can claim refund by filing IT Return.
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