Section 195 of Income Tax act states as follows;
Subject to rules13 made under sub-section (5), any person entitled to receive any interest or other sum on which income-tax has to be deducted under sub-section (1) may make an application in the prescribed form to the 14[Assessing] Officer for the grant of a certificate authorising him to receive such interest or other sum without deduction of tax under that sub-section, and where any such certificate is granted,
The rules mentioned above are as follows:
13. See rule 29B and Form Nos. 15C and 15
rule 29B subrule 2 states
Any person entitled to receive any interest, or other sum, on which income-tax has to be deducted under sub-section (1) of section 195 may, if he fulfils the conditions specified in sub-rule (2), make an application for the grant of a certificate under sub-section (3) of section 195 authorising him to receive without deduction of tax under sub-section (1)
Sub-rule 2:
The conditions referred to in sub-rule (1) are the following, namely :—
(i) the person concerned has been regularly assessed to income-tax in
(3) The application under sub-rule (1) by a banking company shall be in Form No. 15C and by any other person [referred to in clause (ii) of sub-rule (1)] shall be in Form No. 15D.
As a Non-resident I have not been assessed to income-tax in India for the last 7 years. Does this mean that I cannot apply for the certificate for non-deduction of tax at source? I am selling a property in Noida. Will the buyers have to apply for this certificate?
Thank you very much in advance for any help and advice you can provide.