{"id":16609,"date":"2022-01-06T09:47:55","date_gmt":"2022-01-06T09:47:55","guid":{"rendered":"https:\/\/www.unimoni.in\/blog\/?p=16609"},"modified":"2022-01-06T11:13:01","modified_gmt":"2022-01-06T11:13:01","slug":"tds-on-property-sold-by-an-nri-under-fema","status":"publish","type":"post","link":"https:\/\/www.unimoni.in\/blog\/tds-on-property-sold-by-an-nri-under-fema\/","title":{"rendered":"\u2018TDS on Property Sold by an NRI Under \u2018FEMA&#8217;"},"content":{"rendered":"<style><\/style><p><span data-preserver-spaces=\"true\">In the 19th century, Indians started to migrate to the USA. Tremendous opportunities arose in the mid 20th century, which led to the large-scale migration from India to the US. Indian migrants constitute 6 % of the US population, and the Indian community is the second-largest foreign-born population after Mexico. The total population of Asian Indians in the USA is 29 Lakh and the fastest-growing ethnic group in the US.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">NRI repartition<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">This is a process of transferring the fund by an NRI from their accounts (NRE\/NRO\/FCNR (B)) in India to their bank account in the country where they presently reside. A US NRI can sell his property (immovable assets) in India. An NRO account is mandatory for those who sell the property. Sales proceed to be deposited in the NRO account. Principal plus interest can transfer from the NRO account to their overseas account. USD 1 million can move in a financial year.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Documents needed for sale<\/span><\/strong><\/h2>\n<ol>\n<li><span data-preserver-spaces=\"true\">\u00a0The title of the property should be in the name of Seller<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00a0No objection certificate<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00a0Occupation certificate<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00a0Pan card<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00a0Property tax receipts<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">US citizen \u2013 the owner of the property<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">A US citizen became the owner of the property either through inheritance or bought before attaining NRI status or purchased property after achieving the NRI level.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<h4><strong><span data-preserver-spaces=\"true\">TDS on property sold<\/span><\/strong><\/h4>\n<p><span data-preserver-spaces=\"true\">All property-related transactions in which NRI is involved should be under the Foreign Exchange Management Act. An NRI can sell his residential or commercial property to a Resident Indian, PIO, or another NRI. But, NRI cannot sell his agricultural land, farmhouse, or plantation property to an NRI or PIO.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<h4><strong><span data-preserver-spaces=\"true\">LTCG or STCG<\/span><\/strong><\/h4>\n<p><span data-preserver-spaces=\"true\">Under the revised rules in India, if a property is sold after two years from its acquisition, NRI has to pay 20% plus applicable surcharge and cess on sale amount as long-term capital gains (LTCG) tax. If a property is sold before that period, NRI must pay 30 % plus applicable surcharge and cess on the money earned as profit short-term capital gains (STCG) tax. NRIs can claim rebates on LTCG under the various sections of IT law.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<h4><strong><span data-preserver-spaces=\"true\">TDS\u00a0<\/span><\/strong><\/h4>\n<p><span data-preserver-spaces=\"true\">The person who buys the property from an NRI is required to deduct TDS on taxable capital gains on the sale of immovable property.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<h4><strong><span data-preserver-spaces=\"true\">Repartition of Sales Proceeds<\/span><\/strong><\/h4>\n<p><span data-preserver-spaces=\"true\">Following points to be taken care of:-\u00a0<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">The amount should be credited to the NRO account<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Get 15 A and 15 CB from a Chartered Accountant in India<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Sale documents or the Will of the inherited property<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">You can transfer only USD 1 Million to your US account in a year.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Approval from RBI is needed if you want to send more than <a href=\"https:\/\/www.unimoni.in\/international-money-transfer\/\">USD 1 Million<\/a>.<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<h4><strong><span data-preserver-spaces=\"true\">Final thoughts<\/span><\/strong><\/h4>\n<p><span data-preserver-spaces=\"true\">It is advisable to consult with a local tax consultant or a Chartered accountant in India to know more about the tax implications regarding property sale and the repatriation of the sale proceeds. It is better to contact a <a href=\"https:\/\/www.unimoni.in\/\">Unimoni<\/a> branch nearby.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the 19th century, Indians started to migrate to the USA. Tremendous opportunities arose in the mid 20th century, which led to the large-scale migration from India to the US. Indian migrants constitute 6 % of the US population, and the Indian community is the second-largest foreign-born population after Mexico. The total population of Asian&#8230;<\/p>\n","protected":false},"author":3,"featured_media":16615,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[41,44,55,1],"tags":[191,193,192,194],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TDS on Property Sold by an NRI Under FEMA - NRI Repartition | Unimoni<\/title>\n<meta name=\"description\" content=\"Get to know about the tax deducted at source on property by an NRI under FEMA. 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