INCOME TAX27 Sept 2026
Buying property from an NRI gets easier from October 1: Check key rule changes for residents and HUFs | Mint
From October 1, resident individuals and HUFs buying property from non-resident sellers no longer need a separate TAN, or Tax Deduction and Collection Account Number. They can report TDS (tax deducted at source) on their existing PAN using the amended Form 141, which has a new Schedule E. You must still deduct and deposit the tax, then give the seller Form 132.
Key Statutory Highlights
- From October 1, resident individuals and HUFs buying property from non-resident sellers can use their existing PAN instead of getting a separate TAN for the transaction.
- Buyers still have to deduct the applicable tax, deposit it with the government within the prescribed timeline, and issue Form 132 to the non-resident seller as the TDS certificate.
- The amended Form 141 includes Schedule E, which asks for property and payment details, buyer and seller details, and the certificate number where the buyer has obtained one.
Actionable Advice for Taxpayers / Founders:If you are buying property from a non-resident seller, check with your tax professional that your Form 141 filing and Form 132 certificate are done correctly and on time, since the TDS obligation itself has not changed.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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