So we can see that the tax deducted by the buyer is higher than the tax payable by NRAs. To deal with this situation, there are 2 possibilities- In the absence of originals of the above documents, the seller must turn to a lawyer who would help him with a certificate to prove that he is the rightful owner of the property. The lawyer will carry out his due diligence and draw up a coverage report of the property in question. As soon as he is convinced, he will publish a public notice in an English/Hindi newspaper and a regional language and wait for the set date to see if anyone claims the right to the property in question. Once convinced, the lawyer would issue a certificate stating that the seller is the rightful owner of the property. Are you planning to buy a property from RNA? &If you are an Indian buyer, you should 🙂 this contribution. Normally, buyers do not prefer to buy real estate from ANI. The reason for this is that the rules and rules are a bit complex. Another reason is that the responsibility for compliance rests on the shoulders of buyers. It is not unfair, because buyers cannot buy NRI Property without the help of a professional. The biggest problem is the TDS deduction and the TDS return deposit. A buyer also needs TAN for the TDS deduction. I discussed the same in my article, How can one deduce TDS u/s 195?.
I agree that the rules should be simplified in order to simplify the process for buyers. On the other hand, simplified rules can mean more infringements. If the money is repatriated without paying capital gains tax, it is difficult for the IT department to restore it. This is the reason why TDS applies to 20.60% for the sale of NRI real estate. If the tax deducted at source is more than your tax debt, you can opt for a tax refund at the end of the year for the surplus TDS. However, if you want to avoid this complicated process, you can request a certificate that allows you to request a lower TDS rate4. Please note that you must apply before executing the sales contract. The assessee determines the SDS based on the calculation of capital gains.
This will put the money in your hands instead of waiting for a refund. INIs must receive a No Objection Certificate (NOC) from their company. This document is required to confirm that the seller has no outstanding contributions to the company. It also reaffirms that the company does not oppose the sale of the dwelling. If you wish to repatriate the proceeds of the sale of a property, you must submit Forms 15CA and 15CB. . . .