I bought an apartment in Chennai from NRI Sellers(Husband & Wife join owners) for 54lakhs last week. The property has been with the sellers for 10 years. The seller informed that they won’t be issuing the LDC during this purchase. How much TDS, surcharge & CESS should be deducted from the sellers ? Is it 12.5% or 20%? To be on safer side I have computed at 20% plus 4%cess. Is this right ?
I have applied & received TAN to be used for paying TDS . Can you let me know the next steps? Which form should I utilising for this scenario - Form 26QB or Form27Q?
I have made the payment to their Indian Bank accounts. Would Form 15CA and Form 15CB also be applicable?
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Regards
CA Raman