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Income ax Ac provides that TDS will be applicable on transfers of immovable property when the property’s consideration exceeds or is equal to Rs 50 Lakhs. For all transactions starting on June 1, 2013, the buyer of the property has deducted Tax @ 1% while paying the sale consideration.
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RJA are able to offer a whole range of solutions for the sale of properties by NRIs in India.
Capital Gains Nature | Particulars | Applicable TDS Rate on Sale of Property by NRI |
LTCG | Immovable Property held for greater than 2 years | 20 Percentage |
SGST | Immovable Property held for less than Two Yrs | Seller Applicable Tax Slab Rates |
Particulars | In case Property Sale Price (Rs.) | |||
Less than 50 Lakhs | 50 Lakhs to 1 Cr | More than 1 Cr | ||
LTCG Tax | Tax rate 20% | 20% | Tax rate 20% | |
(Add) | Surcharge | Nil | 10% of above | 15% of above |
Tax (incl Surcharge) | Tax rate 20% | 22% | 23% | |
(Add) | Health and Ed. Cess | It will be levy @ 4% of above | 4% of above | It will be levy @4% of above |
TDS Rate Applicable (including Cess & Surcharge) | 20.8% | 22.88% | 23.92% |
Particulars | Property Sale Price (Rs.) | ||
1 Cr to 2 Cr | 2 Cr to 5 Cr | ||
LTCG Tax | Tax rate 20% | 20% | |
(Add) | Surcharge | 25% of above | 37% of above |
Tax (including Surcharge) | 25% | 27.4% | |
(Add) | Health & Ed. Cess | 4% of above | 4% of above |
Applicable TDS Rate (including Surcharge and Cess) | 26% | 28.496% |
Penal Interest | How to Calculation |
Tax deduction at source Non-remittance | 1.5 Percentage per month for a period from the date on which Tax deduction at source is deducted to the actual date of payment. |
Tax deduction at source Non-deduction | 1 Percentage per month for a period from date on which Tax deduction at source is deductible and collectable to the date on which Tax deduction at source and Tax collection at source is actually deducted. |
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