If the seller of an immovable property (other than agricultural land) is a non- resident, then the buyer is obligated to deduct tax @ 20% where the capital gain is a long term. The applicable rate of deduction of tax will be 30% in case the capital gain is short term. [Section 195].
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The contents of this website should not be construed as an exhaustive statement of law. In case of doubt, reference should always be made to the relevant provisions of the Direct Tax Laws and Rules and where necessary, notifications issued from time to time. Content provided by Income Tax Department, Mumbai. For any clarification regarding content, please contact the PRO, Income Tax Department, Mumbai.
The contents of this website should not be construed as an exhaustive statement of law. In case of doubt, reference should always be made to the relevant provisions of the Direct Tax Laws and Rules and where necessary, notifications issued from time to time. Content provided by Income Tax Department, Mumbai. For any clarification regarding content, please contact the PRO, Income Tax Department, Mumbai.
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