I am a Captain in the Merchant Navy and as per Income tax rules I am an NRI. I wish to sell my property in Mumbai that is jointly owned by my wife and I, and invest the proceeds in another property. Is there any TDS to be deducted by the buyer in this situation?
Answered on November 08, 2017
The property is situtated in India and therefore capital gains tax will arise on this transaction. The buyer will have to deduct TDS as per provisions of section 195 of the Income Tax Act since you are NRI.
