- Please provide the below details in respect to 2BHK flat:
1. Date of Purchase
2. Percentage of share of investment of each joint owners
3. Any loan obtained for purchase of the flat?
- Buyer is liable to deduct TDS@1% in the hands of resident seller and 12.5% +surcharge + Ed.cess @4% in the hands of NRI seller. Applicability of surcharge would depend on the amount paid to the NRI seller. In the hands of NRI seller, TDS would be deducted on the sale consideration amount. For lower or NIL TDS deduction you can obtain certificate from the jurisdictional AO
- Buyer is liable to file TDS return and share Form 16A and 16B with the sellers
- Purchase new 3BHK house within 2 years from the date of sale of 2BHK to obtain the benefit of exemption u/s 54
- In respect to 3BHK, deduct TDS in the hands of seller as per their residential status and percentage of share of investment of each joint owner in the house property
Please confirm stamp duty, registration charges and any other fees from the sub-registrar office or concerned advocate
For detailed discussion you may opt for phone consultation
