Results for #TDS
Taxes & Duties
#rules#nri#sell#property#mumbai
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?
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?
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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.
Taxes & Duties
#flat#under-construction#property#landlord#builder
I recently purchased a flat which is in an under-construction property. The landlord and builder own half the flats each as per the JDA. The flat I am purchasing is from the landlord. He is not going to pay VAT and ST on this transaction, maybe he will pay capital gains tax. In such a situation, will the new law of cutting 1% TDS be applicable to me?
I recently purchased a flat which is in an under-construction property. The landlord and builder own half the flats each as per the JDA. The flat I am purchasing is from the landlord. He is not going to pay VAT and ST on this transaction, maybe he will pay capital gains tax. In such a situation, will the new law of cutting 1% TDS be applicable to me?
Answered on November 08, 2017
Yes, the provision of section 194IA of the Income Tax Act will be applicable in this case and accordingly if the consideration to be paid is 50 lakhs or above then TDS @ 1% is required to be deducted.
Legal
#flat#construction#payment#paid#builder
We are planning to buy a flat that is under construction. The seller has completed the payment till 80% of the value and the other 20% is to be paid by the builder whenever it is due. The seller is an NRI and he has already furnished the power or attorney for this project. My queries is that Can the builder claim the 20% as this flat is being transferred (the amount is not due yet)? Also, what would be the taxes to be considered as the owner is an NRI, will I also have to deduct TDS?
We are planning to buy a flat that is under construction. The seller has completed the payment till 80% of the value and the other 20% is to be paid by the builder whenever it is due. The seller is an NRI and he has already furnished the power or attorney for this project. My queries is that Can the builder claim the 20% as this flat is being transferred (the amount is not due yet)? Also, what would be the taxes to be considered as the owner is an NRI, will I also have to deduct TDS?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Since there is balance amount to be paid under the agreement with the Builder, the NOC from the Builder will be required for concluding the sale. However, the Builder cannot demand the balance 20% amount if it is not due, merely because the buyer desires to sell the flat.
Taxes & Duties
#flat#mhada#mumbai#possession#expected
My wife won a flat in a lottery by MHADA in Mumbai. This was in 05/2012. The possession is expected to be given to us soon, 95% of the payment is done. My questions is that will the TDS @1% be applicable after the final payment or otherwise?
My wife won a flat in a lottery by MHADA in Mumbai. This was in 05/2012. The possession is expected to be given to us soon, 95% of the payment is done. My questions is that will the TDS @1% be applicable after the final payment or otherwise?
Answered on November 08, 2017
As per section 194IA of Income Tax Act, the transferee is required to deduct TDS @ 1% at the time of credit of sum to the account of the transferor or at the time of payment of such sum if the total consideration is 50 lakhs or above. The said section was introduced w.e.f 1st June, 2013. Accordingly any payment made by you on or after 1st June, 2013 and if your purchase consideration is more th...
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