NRI is selling property to buyer in India. Whether buyer should deduct Tax @22.88 in each share of husband & wife ? Is it necessary for buyer to fill Form 15 CA & 15 CB for both the sellers ?
Dear Sir,
Hope you are doing well !!
Yes, buyer should deduct Tax @22.88% in each share of husband & wife.
Yes,Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share. E.g. in case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares.
Form 15 CA & CB would be required only in case of remitting money outside India.
Hi
The buyer is required to deduct TDS @ 20% + cess + surcharge, as applicable on sales consideration paid to the NRI owner.
If payments are made both by husband and wife, both need to deduct TDS. Both will have to obtain TAN and file TDS returns.
15 CA & CB would not be required if you're making payment in NRO Account of the seller.
Hi,
My views are as under:
1. Yes, TDS will be applied on the amount payable to the Husband and Wife both.
2. Yes, 15 CA and CB required in case amount remitted outside India, your banker will ask.
Note:
1. 20.8% TDS If the sale price is less than 50 lakh
2. 22.88% TDS If the sale price is more than 50 lakh
3. 23.92% TDS If the sale price is more than 1 crore
4. Obtain TAN before deducting Tax.
I hope this will solve your queries.
Kind Regards
Sohan Singh Rawat
Chartered Accountant
Hello,
The buyer needs to deduct TDS at 20% plus cess plus surcharge, as applicable.
15CA or CB would be required for remittance only.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Yes you must deduct TDS in each share.
No 15CA and CB is not required as buyer would make payment in NRO account.
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Thank you.
Hello Sir,
Yes, buyer should deduct TDS in each share of husband & wife.
No, 15CA & CB is not required assuming you are making payment in NRO account.
Purchase of Property by Indian person from NRI case : If Indian buyer has transferred sale consideration in NRI Sellers Indian Bank Account , then whether buyer is required to file from 15 CA & 15 CB or seller has to obtain form 15CA & 15 CB for transfer the funds from his indian bank a/c to foreign bank a/c ?
Seller have to submit 15CA and or 15CB when he transfers the sale amount from Indian bank to foreign bank.
Seller has to obtain form 15CA & 15 CB for transfer the funds from his Indian bank a/c to foreign bank a/c.
Its sellers duty to get 15CA and 15CB to transfer from his indian bank account to foreign bank account.
The seller would be required to submit Form 15CA/CB for the transfer of funds.
Hello Sir,
Seller has to obtain form 15CA & 15 CB for transfer the funds from his Indian bank a/c to foreign bank a/c.
Considering the seller is non- resident, tax would be deductible at 22.88percent. Form 15CB and 15 CA are required when the funds are remitted from India to abroad. In case the payments are made by Indian buyer in Indian bank account the need not execute this docs. Also, tax may be deducted at lower value, if the non-resident secures a lower tax deduction from income - tax department.
The seller will have to execute the forms 15ca and CB whenever he intend to remit funds from India to his foreign bank..
