Friday, 17 July 2015

Long-term capital gain from sale of house property by NRI isn't tax free and is liable to TDS under

IT/ILT : Resident-firm which buys house property from NRI cannot escape consequences of non-deduction of TDS u/s 195 from payments to NRI-vendor by claiming that long-term capital gains from sale of house property by NRI are tax-exempt under Chapter-XIIA contrary to the provisions of section 115E especially when NRI himself offered the amount as taxable in his income-tax return and paid tax thereon

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