Hello all,
This is my first post and really important one ! So plese help :)
I am buying a flat from NRI. Here are some details
Flat is 15 years old. The flat is on the name of Mr X and Mrs X. Mr X is now in India and he is agreed to sale us flat for the 70 lacks (40 white 30 black. Out of 40 lacks white , 25 lacks will be bank loan -). As Mrs X is not in India, Mr X has got power of attorny which is verified by our lawyer.
Mr X holds pan card and said he has indian bank account. He says TDS is not applicable with this deal. But from my research it seems like we will have to pay TDS ourself as a source (20 percent for long term gain).
Please provide guidance on this aspect.I would like know exact TDS rule applicable on this case.
Thanks for looking. Waiting for your valuable reply.
