clarification for rate of tax

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  1. V S K RAO

    V S K RAO New Member

    sir
    NRI assessee constructed residential flats on a plot received as gift. he is selling the flats. he is showing the income under 1) business head and 2) long term capital gain on conversion of land into stock in trade.
    pl let me know if any tax is to be deducted by buyers when the sale value is below rs.50 lakhs and also in case the sale value exceeds rs.50 lakshs for the sale of flat.
     
    1. Irrespective of whether the property is treated as Stock-in-trade or as an Investment - TDS would be applicable
    2. In case of sale of property by NRI, the tax laws are different. Section 195 is applicable instead of Section 194IA and TDS is to be deducted irrespective of the value of sale of property.
    3. TDS on sale of property by NRI - http://www.charteredclub.com/tds-property-purchase-nri/
     
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