Can NRI claim TDS refund on property sale?

If NRIs file Income Tax Returns (ITR) after the financial year has ended in India, they can claim refunds on the deducted TDS. For an NRI to claim a refund on the TDS deducted, he/she must self-compute their income and tax liability according to existing slab rates.

Can NRI give TDS refund?

Here’s how you can claim a TDS refund. As an NRI, if your tax liability is less than the TDS deducted from your income, you can file an income tax return to claim a refund. Here’s how to go about it.

Can an NRI invests in bonds show proof of relevant documents to avoid TDS on property sale?

If you can save the tax on your long term capital gains by investing them in certain bonds. The NRI must make these investments and show relevant proofs to the Buyer – to make sure TDS is not deducted on the capital gains. The NRI can also claim excess TDS deducted at the time of return filing and claim a refund.

How can I claim TDS refund on property sale?

How to Claim TDS on Sale of Property?

1. Provide PAN to the buyer who in turn will fill-up the form online and submit to the Income Tax Department for TDS.
2. Verify that the property buyer has deposited the taxes deducted from sale consideration and should be reflecting in the Form 26AS Annual Tax Statement.

Should NRI pay TDS on property?

The TDS on sale of property by NRI is required to be deducted under Section 195 and is ideally required to be deducted on the Capital Gains. However, this computation of Capital Gains cannot be done by the Seller himself and should be done by the Income Tax Officer.

How long does it take to get TDS refund?

What is the TDS Refund period? Usually, if you have filed your ITR on time, it takes approximately 3 to 6 months for the refund to be credited in your bank account.

How do I claim my old TDS refund?

You can claim your TDS refund by following the steps mentioned below:

1. Step 1: File your income tax returns in the case where your employer has deducted extra amount over your actual tax liability under the head of TDS.
2. Step 2: Fill in the required fields with the name of your bank, your bank account number, and IFSC.

How can NRI avoid TDS on property sale?

To reduce the TDS on Sale of Property by NRI, the NRI is required to file an application in Form 13 with the Income Tax Department for issuance of Certificate for Nil/ Lower Deduction of TDS.