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If you want to sell your Indian property as an NRI, then 20% will be deducted by the buyer as tax deducted at source (TDS) for the long-term capital gains on the property, which has been held for more than 2 years. For properties with a tenure of less than 2 years, a 30% TDS applies if they are sold.
The TDS rate on property sale by an NRI is 20% on more than 2 years of property held and 30% on property held for less than 2 years. This is because of the TDS section 195 of the Income Tax Act. Here are some of how to purchase a property from an NRI. Get a TAN, pay all their taxes in a challan no. 3281, file a TDS return in Form 27Q, and get your TDS certificate with Form 16A.
Here are some of the points that will help you while buying a property from an NRI. It includes NRIs asking for a TDS of 1% which is legally wrong. Buyers should take a TDS no and the TDS of the NRI assets. TDS will be deducted from the transaction value. So you need to keep these points in mind while chasing property from an NRI.
If an NRI sells property in India, then the buyer has to deduct 20% as a TDS on sale as per the rule, but if the property is less than 2 years then TDS will be 10% more, which is 30%. It also changes with the new fiscal years, so if you are planning to sell your NRI property in India, then make sure about the TDS.
As an NRI, if I sell my property, which is held for less than 2 years, then there will be more TDS deduction, and if I have property which is held for more than 2 years, then it will be less TDS deductions for me because there is more deduction on the shorter holding periods in India for NRIs as compared to longer holdings.
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