Buying property from an NRI (Non-Resident Indian) in Hosakote, Bengaluru, involves a specific set of legal and financial procedures that the buyer must strictly adhere to for the transaction to be valid. The most critical requirement is the buyer's obligation to deduct Tax at Source (TDS) under Section 195 of the Income Tax Act from the sale consideration paid to the NRI seller, and then deposit this amount with the government. The transaction also requires careful documentation and may need clearance under the Foreign Exchange Management Act (FEMA). Praja Properties is well-versed in the nuances of these NRI transactions, providing clear guidance to our buyers on all compliance requirements to ensure a legally sound and seamless purchase process.
The transaction of buying property from an NRI (Non-Resident Indian) in Hosakote, Bengaluru, is subject to a specific set of rules under the Indian Income Tax Act that the buyer must strictly follow. The most critical obligation for the buyer is the requirement to deduct Tax Deducted at Source (TDS) from the payment made to the NRI seller and to deposit this amount with the government. The rate of TDS is typically high and the process must be followed correctly to avoid legal penalties for the buyer. Praja Properties is well-versed in the procedural nuances of these transactions, providing our buyers with clear, step-by-step guidance on all compliance requirements to ensure a smooth, legal, and hassle-free purchase from an NRI seller.
Buying property from an NRI (Non-Resident Indian) in Hosakote, Bengaluru, involves a specific and mandatory set of legal and financial procedures that the buyer must strictly adhere to for the transaction to be considered legally valid and compliant with Indian tax law. The most critical obligation on the part of the buyer is the requirement to deduct Tax at Source (TDS) under Section 195 of the Income Tax Act from the total sale consideration paid to the NRI seller, and then to deposit this deducted amount with the government within the prescribed timeframe. The transaction also requires careful documentation and may need clearance under the Foreign Exchange Management Act (FEMA). Praja Properties is well-versed in the specific nuances of these NRI transactions, providing clear, step-by-step guidance to our buyers on all their compliance requirements to ensure a legally sound, transparent, and seamless purchase process.