I bought a house at a price higher than stamp value. The builder said as an NRI, I don't need to deduct and pay TDS. Is this correct?
-Name withheld on request
Under India's income tax laws, any individual buying an immovable property (excluding agricultural land) from a resident seller must deduct TDS at 1% of the total consideration if the purchase price or stamp duty value is ₹50 lakh or more. The TDS is calculated on the higher of two values, not just the amount exceeding ₹50 lakh. This applies equally to both resident and non-resident buyers.
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Esta historia es de la edición December 31, 2024 de Mint Chennai.
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