TAX LIABILITY ON SALE OF PROPERTY BY NRI

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  1. MOHAMED FIROZ

    MOHAMED FIROZ New Member

    My friend an NRI sold his house on registered document for Rs. 1 crore, one week back only. The buyer paid him the entire amount by RTGS without deducting the 1% TDS. The amount has been deposited in the NRO a/c. His capital gains tax comes to around Rs. 19.50 lakhs after deductions. What is the procedure for paying his tax liability. He intends to take the entire money abroad.
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    It is the responsibility of the seller to be deducting the TDS on the Capital Gains that arise in the hands of the seller.

    The buyer should have deducted Rs. 19.50 Lakhs as TDS rather than deducting 1% TDS.
     
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