NRIs need documents such as a PAN card, passport, and OCI/PIO card and may require an NRO account for the transaction.
FAQ Category: Services
What ITR form should NRIs use for reporting property sales?
NRIs typically need to use ITR-2 to report income from property sales.
Can NRIs benefit from Double Taxation Avoidance Agreements?
NRIs can use DTAAs to avoid double taxation in their country of residence and India and benefit from it.
What is the importance of obtaining a TDS certificate?
The TDS certificate is crucial for claiming credit against the final tax liability when filing an ITR.
Can NRIs repatriate the entire amount from the property sale?
NRIs can repatriate the sale proceeds, but FEMA regulations set limits.
How long should an NRI hold a property to qualify for long-term capital gains?
The property should be held for more than 24 months to qualify for long-term capital gains.
Is it mandatory for NRIs to file an ITR after selling property in India?
Yes, filing an ITR is mandatory for NRIs selling property in India, regardless of TDS deduction.
Can NRIs claim exemption on capital gains from property sales?
NRIs can claim exemptions under Sections 54 and 54EC of the Income Tax Act.
What is the TDS rate for NRIs selling property in India?
The TDS rate is 20% for long-term capital gains and 30% for short-term capital gains.