Buying Non-Resident’s Flat? Check Tax Impact

News, Taxation

Individuals who have purchased property from non-residents find themselves grappling with several income tax-related challenges. To begin with, it’s difficult to determine the seller’s tax status (whether he is a resident or non-resident in India according to the I-T Act).

This is crucial, as tax is required to be deducted at 20 per cent (in come cases even higher) for property purchased from a non-resident, as opposed to 1 per cent where the seller is a tax resident.

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