A Lower Deduction Certificate (LDC) can be an essential tool for taxpayers, particularly Non-Resident Indians (NRIs) selling property in India, to avoid unnecessary deductions and ensure proper tax compliance.
Real Estate Direct Tax- Learn More About Current Tax Rates & Tax-Saving Strat...yamunaNMH
The term “direct tax” describes taxes that the government imposes directly on people or other entities. For instance, GST is an indirect tax, whereas income tax is a direct tax. A notable illustration in the real estate industry is the capital gains tax, which is levied on property sales. Discover its meaning, benefits, and different forms of direct taxes in India by reading on.
NRI - Finance Act 2020 - Implications for NRIsTilak Agarwal
Finance Act 2020 has amended Residency rule for Indian citizens and PIOs, and has also introduced citizenship based tax in India. The implications of such amendment in direct tax law has been captured here along with benefits from elimination of DDT.
Habibullah & Co. is an accounting firm in India that provides audit, tax, and consulting services. This document discusses India's rules around withholding taxes for non-residents. It explains that companies and non-residents earning India-sourced income must withhold appropriate taxes on payments to non-residents. Several types of payments to non-residents are outlined that require withholding, including dividends, interest, royalties, fees, and capital gains. Non-resident payees must also file an Indian tax return regardless of tax treaty benefits or withholding to demonstrate eligibility for reduced rates. Obtaining a Permanent Account Number from Indian tax authorities helps non-residents reduce withholding rates.
How to remit nro account funds abroad (India)Pranav JOSHI
The document discusses how NRIs can remit funds from their NRO bank account abroad. [1] To do so, NRIs must submit Form 15CA, which provides remitter information, and Form 15CB, a certificate from a chartered accountant confirming taxes are paid. [2] The process can technically be done online from abroad but may be difficult, as the hard copy of Form 15CB needs to be sent. [3] Banks have different procedures for NRIs in countries without personal tax but with a DTAA, often requiring a self-declaration of tax responsibility.
The document discusses the professional experience and qualifications of an individual named Investuru. They are an authorized Common Service Centre entrepreneur under the Ministry of IT and a licensed Life Insurance Advisor. Investuru also has a Google My Business profile for their services offered under the name "Investuru".
This document discusses taxation provisions for non-resident Indians (NRIs). It defines an NRI as an individual who is a citizen of India or person of Indian origin who is not a resident as per the Income Tax Act. Residential status is important for determining the scope of income taxable and availability of tax concessions. For NRIs, income earned in India from employment, house property, capital gains and other sources is taxable in India. Special provisions provide preferential tax rates for investment income and long-term capital gains from specified foreign exchange assets if reinvested in India. To claim relief under double taxation avoidance agreements, NRIs must obtain a tax residency certificate from their country of residence.
TDS and TCS are methods for collecting tax in India. TDS refers to tax deducted at source, where a person making payments deducts tax from the payment. TCS refers to tax collected at source, where a seller collecting payment collects tax on top of the sale price. Key differences are that TDS deducts tax from payments while TCS collects additional tax on sales. Both aim to simplify tax collection by collecting taxes as and when transactions occur. The document provides detailed sections under the Income Tax Act that specify rules for TDS and TCS rates and compliance procedures.
Real Estate Direct Tax- Learn More About Current Tax Rates & Tax-Saving Strat...yamunaNMH
The term “direct tax” describes taxes that the government imposes directly on people or other entities. For instance, GST is an indirect tax, whereas income tax is a direct tax. A notable illustration in the real estate industry is the capital gains tax, which is levied on property sales. Discover its meaning, benefits, and different forms of direct taxes in India by reading on.
NRI - Finance Act 2020 - Implications for NRIsTilak Agarwal
Finance Act 2020 has amended Residency rule for Indian citizens and PIOs, and has also introduced citizenship based tax in India. The implications of such amendment in direct tax law has been captured here along with benefits from elimination of DDT.
Habibullah & Co. is an accounting firm in India that provides audit, tax, and consulting services. This document discusses India's rules around withholding taxes for non-residents. It explains that companies and non-residents earning India-sourced income must withhold appropriate taxes on payments to non-residents. Several types of payments to non-residents are outlined that require withholding, including dividends, interest, royalties, fees, and capital gains. Non-resident payees must also file an Indian tax return regardless of tax treaty benefits or withholding to demonstrate eligibility for reduced rates. Obtaining a Permanent Account Number from Indian tax authorities helps non-residents reduce withholding rates.
How to remit nro account funds abroad (India)Pranav JOSHI
The document discusses how NRIs can remit funds from their NRO bank account abroad. [1] To do so, NRIs must submit Form 15CA, which provides remitter information, and Form 15CB, a certificate from a chartered accountant confirming taxes are paid. [2] The process can technically be done online from abroad but may be difficult, as the hard copy of Form 15CB needs to be sent. [3] Banks have different procedures for NRIs in countries without personal tax but with a DTAA, often requiring a self-declaration of tax responsibility.
The document discusses the professional experience and qualifications of an individual named Investuru. They are an authorized Common Service Centre entrepreneur under the Ministry of IT and a licensed Life Insurance Advisor. Investuru also has a Google My Business profile for their services offered under the name "Investuru".
This document discusses taxation provisions for non-resident Indians (NRIs). It defines an NRI as an individual who is a citizen of India or person of Indian origin who is not a resident as per the Income Tax Act. Residential status is important for determining the scope of income taxable and availability of tax concessions. For NRIs, income earned in India from employment, house property, capital gains and other sources is taxable in India. Special provisions provide preferential tax rates for investment income and long-term capital gains from specified foreign exchange assets if reinvested in India. To claim relief under double taxation avoidance agreements, NRIs must obtain a tax residency certificate from their country of residence.
TDS and TCS are methods for collecting tax in India. TDS refers to tax deducted at source, where a person making payments deducts tax from the payment. TCS refers to tax collected at source, where a seller collecting payment collects tax on top of the sale price. Key differences are that TDS deducts tax from payments while TCS collects additional tax on sales. Both aim to simplify tax collection by collecting taxes as and when transactions occur. The document provides detailed sections under the Income Tax Act that specify rules for TDS and TCS rates and compliance procedures.
Implications and Procedures for NRI Selling Property in India and Remittance ...DVSResearchFoundatio
Key Takeaways
Understanding on:-
• Tax implication on NRI selling property in India
• FEMA implications
• Impact of TDS
• Application for lower or no withholding of TDS
Indian Residents can purchase property from fellow resident or Non-Resident Indians (NRIs) too. But before they buy the property it is advisable to keep certain things in mind like statutory regulations, confirmation with FEMA, RERA and RBI Rules along with rightful transfer of ownership of property.
Corporate Law in built Environment presentationAnkit Sarkar
This document provides an overview of India's tax system, including both direct and indirect taxes. It begins with an introduction to taxation in India and explains that the government levies taxes to fund projects that benefit the economy and citizens. Direct taxes include income tax, capital gains tax, security transaction tax, and corporate tax, which are imposed directly on individuals and companies. Indirect taxes like sales tax, VAT, customs duty, and GST are included in the price of goods and services and can be passed along the supply chain. The document provides details on various direct and indirect tax types in India.
The document provides information about the Delhi Value Added Tax (DVAT) system. Some key points:
1. DVAT is a multi-stage tax on the sale of goods in Delhi that replaced four previous tax statutes. It aims to be simpler, fairer, and more transparent than the previous sales tax system.
2. Key terms related to VAT such as taxable supplies, registered persons, input tax, and output tax are defined.
3. The mechanism of VAT is explained as tax charged on sales (output tax) minus tax paid on purchases (input tax) with the net amount due or refundable.
4. The document outlines registration requirements, tax rates, payment procedures,
This document discusses the taxability of dividend income in India. It provides definitions of dividends and explains that dividends are now taxable in the hands of shareholders after the abolition of Dividend Distribution Tax in 2020. The document answers several frequently asked questions on topics like the applicable tax rates, allowable deductions, and tax obligations of companies regarding dividends. Non-disclosure of dividend income can lead to notices from tax authorities as dividends are now reported in the annual information system.
Business licenses are primarily issued by the government to allow individuals to run businesses. It is important to note that a license which has to be issued will be based on the business requirements of a company after its registration or incorporation. However, there are various other factors which may also determine the type of license which has to be issued such as the type of business ownership, business location and number of employees among others.
This document provides an overview of different types of taxes in India including direct taxes like income tax, wealth tax, and property tax as well as indirect taxes like sales tax, excise duty, customs duty, and service tax. It discusses income from different sources like salary, house property, business/profession, and capital gains. It also covers topics like PAN requirements, tax planning and precautions for senior citizens and NRIs. Common tax planning tips are provided along with information about the Annual Information Report submitted by specified entities on high value transactions.
The document discusses the systematic withdrawal option as a tax efficient way to earn retirement income from an accumulated investment corpus. It describes how accumulating savings from various instruments can provide a monthly income in retirement. The systematic withdrawal plan allows investors to set up monthly withdrawals from a corpus for a set duration and number of withdrawals. This results in the periodic sale of fund units and potential capital gains taxes, but withdrawals held over one year incur only long-term capital gains taxes which are lower. An example shows how monthly withdrawals of Rs. 10,000 over 27 years from a Rs. 10 lakh debt fund investment can provide an after-tax internal rate of return of 8% while lasting over 27 years.
This document provides an overview of tax deducted at source (TDS) in India. It defines TDS and explains that it is a mechanism for collecting income tax by deducting taxes from payments made to recipients. It outlines who is required to deduct TDS, their responsibilities, applicable tax rates and payments that attract TDS. It also summarizes provisions related to tax collected at source (TCS), due dates for depositing TDS/TCS, filing returns and issuing TDS certificates.
NRIs, PIOs, and foreigners are liable to pay various taxes in India related to immovable property, including property tax, income tax, service tax, capital gains tax, and wealth tax. The rates and exemptions for these taxes vary depending on residential status. Income from renting property is taxed, and capital gains are also taxed on the sale of property. Tax treaties exist to avoid double taxation for those residing in countries with which India has agreements.
Returning NRIs face important tax and regulatory considerations when returning to India permanently. As residents, their global income and assets will be subject to Indian laws. NRIs have preferential tax status for some years if they have lived abroad for long periods. They can retain foreign investments but must convert foreign bank accounts to Indian resident status. Comprehensive financial and tax planning is needed to smoothly transition an NRI's financial affairs to Indian regulatory compliance.
This document provides an overview of direct tax implications in India for companies looking to do business in the country. It discusses key aspects like the scope of taxable income for resident and non-resident companies, applicable corporate tax rates, considerations around dividend income, minimum alternate tax, and other tax obligations. The document also covers indirect tax implications and specifics of the taxation system relevant for non-resident entities operating in India.
TDS or tax deducted at source is income tax deducted from specified payments such as rent, commission, professional fees, and salary. The recipient receives the net payment after TDS is deducted and will get credit for the TDS amount against their final tax liability. Any person or entity making specified payments must deduct TDS at the time of payment, unless they are an individual or HUF not required to get accounts audited. To deposit TDS, the payer must generate a TDS challan ITNS 281 online, enter payment details, and make the payment through net banking by the due date, which is typically the 7th of the following month.
NRIs have several options for investing in real estate in India. They can purchase residential or commercial property, receive property as a gift, or inherit property. Financial institutions provide home loans to NRIs and allow repayment through inward remittances. When purchasing property, NRIs must provide documents like their passport, salary details, bank statements, and power of attorney. NRIs pay stamp duty and registration fees but qualify for the same tax benefits on home loan interest as residents. Income from renting property may be taxed, and NRIs must pay capital gains tax if selling the property. Experts recommend checking property details like ownership status and permits to avoid legal issues.
A COMPARATIVE STUDY OF CAPITAL GAIN TAX ON EQUITY OF INDIA WITH RESPECT TO OT...MOHAMMED ILYAS K
In the present paper an attempt has been made to study the capital gain taxation structure of India by comparing it with some of the developed and developing countries and impact of new LTCG tax on the Indian stock market. The Comparison is done by selecting a sample of five countries and comparing the tax structures of India with respect to the parameters like STCG tax rate, LTCG tax rate and holding period for LTCG. It was found that all the selected countries have some form of capital gains taxation, the manner of taxation and the level of capital gains taxation in those countries differ greatly
Value Added Tax (VAT) is a multi-point tax collected on the value added at each stage of production and distribution. In India, VAT was introduced in 2005 and is governed by state laws like the West Bengal VAT Act of 2003. Under VAT, a dealer pays tax on sales (output tax) and claims a credit for tax paid on purchases (input tax) in the same tax period, usually a month. This eliminates the cascading effect of taxes being applied to previous taxes. While VAT streamlines taxation, India's federal structure restricts a pure VAT system, with the center and states collecting different taxes.
The document provides information on real estate investment in India by non-resident Indians (NRIs). It states that NRIs can purchase immovable property in India with no restriction on the number of properties. The purchase can be funded through inward remittances to India or through NRI bank accounts. NRIs can also take loans from Indian banks for property purchase. Upon sale, NRIs can repatriate the proceeds up to $1 million per year, subject to restrictions like proof of original purchase amount. The document also outlines various costs involved like taxes, maintenance costs, and agents/brokers fees. It provides details on applicable taxes like stamp duty, capital gains tax, and annual property taxes.
NRIs have tax obligations in India that depend on their residential status and the nature of their income. An NRI is considered a resident for tax purposes if they stay in India for 182 days or more during the financial year, or 60 days or more during the financial year and 365 days or more during the preceding four financial years. NRIs are generally taxed on income earned or received in India, but income earned outside India is generally not taxable. To avoid double taxation, India has signed DTAAs with other countries. NRIs may need to file an income tax return in India if their taxable income exceeds the minimum threshold. They are also required to report foreign assets if the total value exceeds certain thresholds.
This document provides an overview of taxes, specifically income tax. It discusses direct and indirect taxes, how income tax is collected internationally, and key concepts in double taxation treaties. Direct taxes are paid by the party bearing the cost, while indirect taxes are collected from one party but paid by another. Income tax can be collected at the source of income or in the country of residence through tax credits. Double taxation treaties determine which country has the right to tax different types of income like business profits, royalties, and fees to avoid double taxation between countries.
Implications and Procedures for NRI Selling Property in India and Remittance ...DVSResearchFoundatio
Key Takeaways
Understanding on:-
• Tax implication on NRI selling property in India
• FEMA implications
• Impact of TDS
• Application for lower or no withholding of TDS
Indian Residents can purchase property from fellow resident or Non-Resident Indians (NRIs) too. But before they buy the property it is advisable to keep certain things in mind like statutory regulations, confirmation with FEMA, RERA and RBI Rules along with rightful transfer of ownership of property.
Corporate Law in built Environment presentationAnkit Sarkar
This document provides an overview of India's tax system, including both direct and indirect taxes. It begins with an introduction to taxation in India and explains that the government levies taxes to fund projects that benefit the economy and citizens. Direct taxes include income tax, capital gains tax, security transaction tax, and corporate tax, which are imposed directly on individuals and companies. Indirect taxes like sales tax, VAT, customs duty, and GST are included in the price of goods and services and can be passed along the supply chain. The document provides details on various direct and indirect tax types in India.
The document provides information about the Delhi Value Added Tax (DVAT) system. Some key points:
1. DVAT is a multi-stage tax on the sale of goods in Delhi that replaced four previous tax statutes. It aims to be simpler, fairer, and more transparent than the previous sales tax system.
2. Key terms related to VAT such as taxable supplies, registered persons, input tax, and output tax are defined.
3. The mechanism of VAT is explained as tax charged on sales (output tax) minus tax paid on purchases (input tax) with the net amount due or refundable.
4. The document outlines registration requirements, tax rates, payment procedures,
This document discusses the taxability of dividend income in India. It provides definitions of dividends and explains that dividends are now taxable in the hands of shareholders after the abolition of Dividend Distribution Tax in 2020. The document answers several frequently asked questions on topics like the applicable tax rates, allowable deductions, and tax obligations of companies regarding dividends. Non-disclosure of dividend income can lead to notices from tax authorities as dividends are now reported in the annual information system.
Business licenses are primarily issued by the government to allow individuals to run businesses. It is important to note that a license which has to be issued will be based on the business requirements of a company after its registration or incorporation. However, there are various other factors which may also determine the type of license which has to be issued such as the type of business ownership, business location and number of employees among others.
This document provides an overview of different types of taxes in India including direct taxes like income tax, wealth tax, and property tax as well as indirect taxes like sales tax, excise duty, customs duty, and service tax. It discusses income from different sources like salary, house property, business/profession, and capital gains. It also covers topics like PAN requirements, tax planning and precautions for senior citizens and NRIs. Common tax planning tips are provided along with information about the Annual Information Report submitted by specified entities on high value transactions.
The document discusses the systematic withdrawal option as a tax efficient way to earn retirement income from an accumulated investment corpus. It describes how accumulating savings from various instruments can provide a monthly income in retirement. The systematic withdrawal plan allows investors to set up monthly withdrawals from a corpus for a set duration and number of withdrawals. This results in the periodic sale of fund units and potential capital gains taxes, but withdrawals held over one year incur only long-term capital gains taxes which are lower. An example shows how monthly withdrawals of Rs. 10,000 over 27 years from a Rs. 10 lakh debt fund investment can provide an after-tax internal rate of return of 8% while lasting over 27 years.
This document provides an overview of tax deducted at source (TDS) in India. It defines TDS and explains that it is a mechanism for collecting income tax by deducting taxes from payments made to recipients. It outlines who is required to deduct TDS, their responsibilities, applicable tax rates and payments that attract TDS. It also summarizes provisions related to tax collected at source (TCS), due dates for depositing TDS/TCS, filing returns and issuing TDS certificates.
NRIs, PIOs, and foreigners are liable to pay various taxes in India related to immovable property, including property tax, income tax, service tax, capital gains tax, and wealth tax. The rates and exemptions for these taxes vary depending on residential status. Income from renting property is taxed, and capital gains are also taxed on the sale of property. Tax treaties exist to avoid double taxation for those residing in countries with which India has agreements.
Returning NRIs face important tax and regulatory considerations when returning to India permanently. As residents, their global income and assets will be subject to Indian laws. NRIs have preferential tax status for some years if they have lived abroad for long periods. They can retain foreign investments but must convert foreign bank accounts to Indian resident status. Comprehensive financial and tax planning is needed to smoothly transition an NRI's financial affairs to Indian regulatory compliance.
This document provides an overview of direct tax implications in India for companies looking to do business in the country. It discusses key aspects like the scope of taxable income for resident and non-resident companies, applicable corporate tax rates, considerations around dividend income, minimum alternate tax, and other tax obligations. The document also covers indirect tax implications and specifics of the taxation system relevant for non-resident entities operating in India.
TDS or tax deducted at source is income tax deducted from specified payments such as rent, commission, professional fees, and salary. The recipient receives the net payment after TDS is deducted and will get credit for the TDS amount against their final tax liability. Any person or entity making specified payments must deduct TDS at the time of payment, unless they are an individual or HUF not required to get accounts audited. To deposit TDS, the payer must generate a TDS challan ITNS 281 online, enter payment details, and make the payment through net banking by the due date, which is typically the 7th of the following month.
NRIs have several options for investing in real estate in India. They can purchase residential or commercial property, receive property as a gift, or inherit property. Financial institutions provide home loans to NRIs and allow repayment through inward remittances. When purchasing property, NRIs must provide documents like their passport, salary details, bank statements, and power of attorney. NRIs pay stamp duty and registration fees but qualify for the same tax benefits on home loan interest as residents. Income from renting property may be taxed, and NRIs must pay capital gains tax if selling the property. Experts recommend checking property details like ownership status and permits to avoid legal issues.
A COMPARATIVE STUDY OF CAPITAL GAIN TAX ON EQUITY OF INDIA WITH RESPECT TO OT...MOHAMMED ILYAS K
In the present paper an attempt has been made to study the capital gain taxation structure of India by comparing it with some of the developed and developing countries and impact of new LTCG tax on the Indian stock market. The Comparison is done by selecting a sample of five countries and comparing the tax structures of India with respect to the parameters like STCG tax rate, LTCG tax rate and holding period for LTCG. It was found that all the selected countries have some form of capital gains taxation, the manner of taxation and the level of capital gains taxation in those countries differ greatly
Value Added Tax (VAT) is a multi-point tax collected on the value added at each stage of production and distribution. In India, VAT was introduced in 2005 and is governed by state laws like the West Bengal VAT Act of 2003. Under VAT, a dealer pays tax on sales (output tax) and claims a credit for tax paid on purchases (input tax) in the same tax period, usually a month. This eliminates the cascading effect of taxes being applied to previous taxes. While VAT streamlines taxation, India's federal structure restricts a pure VAT system, with the center and states collecting different taxes.
The document provides information on real estate investment in India by non-resident Indians (NRIs). It states that NRIs can purchase immovable property in India with no restriction on the number of properties. The purchase can be funded through inward remittances to India or through NRI bank accounts. NRIs can also take loans from Indian banks for property purchase. Upon sale, NRIs can repatriate the proceeds up to $1 million per year, subject to restrictions like proof of original purchase amount. The document also outlines various costs involved like taxes, maintenance costs, and agents/brokers fees. It provides details on applicable taxes like stamp duty, capital gains tax, and annual property taxes.
NRIs have tax obligations in India that depend on their residential status and the nature of their income. An NRI is considered a resident for tax purposes if they stay in India for 182 days or more during the financial year, or 60 days or more during the financial year and 365 days or more during the preceding four financial years. NRIs are generally taxed on income earned or received in India, but income earned outside India is generally not taxable. To avoid double taxation, India has signed DTAAs with other countries. NRIs may need to file an income tax return in India if their taxable income exceeds the minimum threshold. They are also required to report foreign assets if the total value exceeds certain thresholds.
This document provides an overview of taxes, specifically income tax. It discusses direct and indirect taxes, how income tax is collected internationally, and key concepts in double taxation treaties. Direct taxes are paid by the party bearing the cost, while indirect taxes are collected from one party but paid by another. Income tax can be collected at the source of income or in the country of residence through tax credits. Double taxation treaties determine which country has the right to tax different types of income like business profits, royalties, and fees to avoid double taxation between countries.
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The Benefits of Lower Deduction Certificate for NRIs: Save Money and Avoid Tax Litigation
1. Lower Deduction Certificate (LDC)
Selling a property located in India can be hectic for Non-Resident Indians (NRIs). The tax
structuring in India is quite complicated, NRIs have to pay long-term capital tax at the
rate of 20% plus applicable surcharge and cess on their capital gains. To make matters
more complex, there is also confusion about TDS deductions on the sale of property for
NRIs.
As per the Income Tax Act of 1961, lower deduction certificate (LDC) come into picture
which are available to reduce or avoid the high tax rate imposed on domestic
transactions this includes the sale of properties located in India.
In the case of NRIs, they have to pay tax on capital gain on the sale of a house property
situated in India. The amount of tax payable on this gain will depend upon the period of
holding i.e. whether it is a short-term or long-term capital gain.
In this article, we will consider some important things about TDS deductions on the sale
of property for NRIs.
2. What is a Lower Tax Deduction or LDC?
TDS (Tax Deduction at Source) is an amount of tax deducted from a person's income for
various reasons. In India, the payer deducts TDS from individuals at the rate set by the
Income Tax Act of 1961.
However, there are cases when this amount deducted is more than the recipient's
actual tax liability, especially in the sale of immovable property of NRI (Non-resident
Indian). This often leads to unnecessary blockage of funds until the taxpayer receives
the refund.
In the case of NRIs, they can apply for a lower deduction certificate in Form 13 online on
the TRACES portal of the Income Tax Department. This application is made under
Section 197 of the Income-tax Act, 1961, and it is used to request either no deduction of
tax or deduction of tax at a lower rate.
However, in practical situations, the assessing officer does not always give a certificate
at the Nil TDS rate. This means that the rate of TDS for a buyer may range from 1% to
4% depending upon states to states against LDC for houses and properties of NRIs.
Important things to consider:
1. Confusion Regarding TDS Rates
When it comes to Tax Deducted at Source (TDS) on the sale of property for Non-
Resident Indians (NRIs), It is important to note that section 194IA is not applicable if the
seller is an NRI i.e. 1% TDS is applicable only to Indian resident sellers.
At the same time, it is mandatory for the buyer to deduct 20% TDS subject to applicable
surcharge and cess on the sale price of the property if the capital gain is considered a
long-term capital gain. Furthermore, TDS will be 30% subject to applicable surcharge
and cess in case of short-term capital gain, regardless of the NRI’s income tax slab.
Thus, For NRI and OCI, TDS is deducted at the maximum rate charged in India, i.e., @
20% for long-term assets and @ 30% for short-term assets. A surcharge and a 4% cess
are also applied to the above rate.
As a result, the effective rate of TDS on the sale of property by NRIs would be as follows:
3. Particulars
Sale Value
<50 Lakhs
50 Lakhs
- 1 Crore
More than
1 Crores
Long Term Capital Gain
Tax
20% 20% 20%
Surcharge Nil
10% of
Above
15% of
Above
Total Tax (include
Surcharge)
20% 22% 23%
Health & Ed. Cess
4% of
Above
4% of
Above
4% of Above
Applicable TDS Rates
(include Surcharge &
Cess)
20.8% 22.88% 23.92%
2. Lower Deduction Rate on Advance Received
In India, Non-Resident Indians (NRIs) are subject to certain tax laws when receiving
advance payments from Indian residents. When an NRI receives an advance payment,
they are required to deduct a tax amount of 20% TDS (Tax Deducted at Source) plus
surcharge and 4% cess unless they have obtained a Low Deduction Certificate (LDC)
from the assessing officer.
However, an NRI is only eligible to obtain an LDC on the remaining payment after
receiving the advance payment. This means that they cannot obtain an LDC on the
entire payment.
In some cases, the assessing officer may provide an LDC on the whole amount, but this
is not always guaranteed. Therefore, it is important for NRIs to be cautious when
4. receiving advance payments and to not take a big advance, as they will be subject to the
20% TDS rate on that amount.
3. Things that the seller should take care of after the TDS deduction
As an NRI seller, there are certain steps that need to be taken after the TDS deduction
by the buyer. Some of these steps are:
● Obtain a copy of the TDS challan: It is important for the NRI seller to obtain a
copy of the TDS challan from the buyer after the TDS deduction. This helps to
ensure that the buyer has deposited the TDS with the government.
● Ensure TDS return filing: The buyer is responsible for filing the TDS return on or
before the due date. The NRI seller should ensure that the buyer has filed the TDS
return on time to avoid any penalty or interest charges.
● Obtain a TDS certificate: Once the TDS return is filed, the buyer will receive a TDS
certificate. The NRI seller should obtain a copy of this certificate from the buyer
as proof of TDS deduction.
● Check Form 26AS: The NRI seller should also check their Form 26AS to ensure
that the TDS deduction is reflected correctly in their tax statement. Form 26AS is
a consolidated tax statement that shows the TDS deducted by the buyer and
deposited with the government.
By following these steps, the NRI seller can ensure that the TDS deduction is correctly
reflected in their tax statement and avoid any penalties or interest charges for non-
compliance with tax laws.
4. In the Loan cases
When dealing with loan cases, the entire amount of money is received in the seller's
account without any deduction on TDS.
It is essential to keep in mind that even though all the amount goes into the seller's
account, there is still a need for TDS.
5. TDS is an important tax compliance, and the seller should be refunded the TDS amount
so that they can fulfill their TDS necessary compliances and deposit TDS returns on their
behalf.
The TDS amount should be refunded to the purchaser for making the payment of TDS
and deposit on their behalf. This helps them to meet their respective financial
obligations.
Is Getting LDC Beneficial for NRIs?
Getting LDC beneficial for NRI depends on their specific circumstances and transaction.
In general, obtaining an LDC (Low Deduction Certificate) can be beneficial for an NRI as
it allows them to deduct a lower TDS (Tax Deducted at Source) rate on their income or
capital gains from selling property in India.
However, in some cases, obtaining an LDC may not be beneficial for the NRI. For
example, if the capital gain on the sale of the property is significant, the tax savings from
obtaining an LDC may not be substantial compared to the tax liability.
In such cases, it may be advisable for the NRI to simply deduct the entire TDS on the sale
consideration and claim the refund of the excess tax through their income tax return.
Ultimately, the decision to obtain an LDC should be based on a careful analysis of the
specific circumstances of the transaction and the potential tax implications.
It is always advisable for an NRI to consult with a qualified tax professional or financial
advisor to determine the most appropriate course of action.
What happens if the properties were purchased before 2001?
For NRIs who have purchased a property before April 1, 2001, the income tax
department has fixed 2001 as the base year for the purpose of calculating the cost of
acquisition. This means that the cost of acquisition will be determined based on the fair
market value of the property as on April 1, 2001.
In such cases, the NRI will have to use the indexed cost of acquisition to calculate the
capital gains tax liability. Indexation allows the NRI to adjust the cost of acquisition
6. based on inflation using the Cost Inflation Index (CII) published by the income tax
department.
The indexed cost of acquisition is calculated by multiplying the actual cost of acquisition
by the CII of the year of sale divided by the CII of the year of acquisition.
If the value of the property as on April 1, 2001, is not known, the NRI can get a valuation
report from a registered valuer to determine the fair market value of the property as of
that date.
This valuation report can be used to calculate the indexed cost of acquisition and
determine the capital gains tax liability.
Final Thoughts
A Lower Deduction Certificate (LDC) can be an essential tool for taxpayers, particularly
Non-Resident Indians (NRIs) selling property in India, to avoid unnecessary deductions
and ensure proper tax compliance.
The LDC allows for a tax deduction at a lower rate, preventing the blockage of funds and
facilitating smoother financial management.
It is crucial for taxpayers to understand the TDS provisions, the 2001 Valuation, and the
importance of filing returns on time to avoid penalties and interest charges.
Are you an NRI or involved in a financial transaction with an NRI? Connect with a
qualified tax professional or financial advisor !
Source: https://www.manishanilgupta.com/blog-details/benefits-of-lower-deduction-
certificate-for-nris