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How can tenants of NRIs apply for TDS reduction?

How is TDS calculated while buying property from an NRI?

Prices of the immovable properties are always soaring in India which makes it an investment. TDS on immovable NRI properties After July 23, 2024, if a person purchases any immovable property from an NRI, he must pay the following tax: Property held for 2 or more years: If a property is held by an NRI for more than 2 years, …

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What’s the TDS when buying property from an NRI?

What is the TDS rate for purchasing property from an NRI after 23 July 2024? -Name withheld on request If you purchase immovable property from a non-resident Indian after 23 July 2024, the applicable TDS rate depends on the duration the seller held the property: For property held more than 2 years: TDS is deducted at 12.5%. Read this | …

NRI investing in Indian stocks? Know about TDS on capital gains

My landlord is a non-resident Indian. —Name withheld on request Under India’s income tax laws, if the payee qualifies as non-resident in India during the relevant financial year, the payer is required to effect TDS at a specified rate on taxable income of the payee. It is the payer’s obligation to effect TDS on the taxable income of the non-resident …

My son is a non-resident Indian with a small rental income of ₹30,000. Neither he nor his tenant can afford a chartered accountant to submit the tax deducted at source on this income to the income tax department. —Name withheld on request As per income tax rules on TDS, the deductor is obligated to deduct TDS and deposit the same …

How NRIs can lower TDS on income generated from India?

For income generated in India, non-resident Indians are required to file income tax returns. However, the provisions of the Income Tax Act provides certain relaxations or relief for the NRI being subjected to deduction of part or whole of the TDS as discussed below: Application for Lower Deduction by the Tax Deductee/ Payee As aforementioned, there could be certain instances …

TDS On NRI Payment: Delhi High Court Rejects Appeal By Revenue- Payment Found As Salary, Not Fees

The Delhi High Court, while upholding the order passed by the Income Tax Appellate Tribunal, has held that the provision of TDS on NRI payments under Section 195 of the Income Tax Act has no application once the nature of payment is determined as salary and a deduction has been made under Section 192.The division bench of Justice Manmohan and …

Owing to an increase in the transactions of purchase and sale of immoveable properties, going unreported and undervalued, the Government felt the need to bring a regulation to improve the reporting of such transactions, with the PAN card number and details of the buyer and seller. TDS on Sale of Immovable Property Particulars % Where Seller is a RESIDENT Any …

Onus on tenant to cut TDS for NRI payments

I am a non-resident Indian, and am earning ₹2.5 lakh every year as rental income from my property in India. Is this arrangement fine, or should I myself cut the 30% TDS every month on behalf of my tenant, and claim it while filing tax returns? —Name withheld on request According to the Income Tax Act, tenants must deduct TDS …

I was a non-resident Indian and had bought a policy from an Indian insurer before the Double Taxation Avoidance Agreement was enforced in 2015. Therefore, it would be advisable to share the relevant details with your insurer to make sure TDS is deducted keeping in mind the double tax avoidance between the two countries. Do NRIs have to disclose their …