Buying an immovable property in India, from a Non Resident? Here are some important legal provisions of Income Tax Act, to be noted and taken care of. Your tax liability on a property sale will depend on how long you have held it. If you are selling a property that you have owned for more than two years, then it will attract long term capital gains tax. For a property owned for less than two years, you must pay short term capital gains tax. The tax rates are as follows: Long-term capital gains are taxed at 20% Short-term capital gains are taxed as per your income slab Capital gains is the difference between your acquisition price and your sale price minus any expenses you may have incurred in making the sale (brokerage, stamp duty, registration charges, etc.). Tax deducted at source (TDS) When a resident buys property from a NRI, the TDS is governed by the provisions of section 195of the Income Tax Act. So the Buyer must deduct TDS @20%, if the...
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