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Home / Finance / Taxes / I am buying a flat from joint owners. One owner is resident Indian and other an NRI. How much tax do I have to deduct? Property value is 80 lacs.
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I am buying a flat from joint owners. One owner is resident Indian and other an NRI. How much tax do I have to deduct? Property value is 80 lacs.

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0 2024-07-03T19:27:45+00:00
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When buying a flat from joint owners where one is a resident Indian and the other an NRI, you need to deduct tax differently for each owner. For the resident Indian owner, deduct 1% TDS on their share of the property value if it exceeds ₹50 lakhs.

For the NRI owner, deduct TDS at 20% (plus surcharge and cess) on their share of the sale value, as per Section 195 of the Income Tax Act. Ensure to obtain both owners' PAN details and file separate TDS returns, Form 26QB for the resident and Form 27Q for the NRI.

Get Assistance regarding TDS from Experts at NoBroker.

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