INCOME TAX24 Sept 2026
Income Tax: Buying property from an NRI gets easier from October 1; what changes for buyers | Mint
From 1 October 2026, if you buy immovable property from a non-resident seller, you no longer need a separate TAN (Tax Deduction and Collection Account Number). Resident individuals and HUFs can use their PAN and file the new Form 141 instead. TDS still applies — you must still deduct, deposit and report it. This makes buying from an NRI closer to buying from a resident seller.
Key Statutory Highlights
- From 1 October 2026, resident individuals and HUFs buying immovable property from non-residents will not need a separate TAN for TDS.
- Buyers can use their PAN and file Form 141, a challan-cum-statement, to report and deposit the tax.
- The TDS obligation itself continues, so buyers must still deduct the tax at the appropriate stage, deposit it and report it.
Actionable Advice for Taxpayers / Founders:If you are buying property from a non-resident on or after 1 October 2026, speak to your tax advisor about filing Form 141 and confirm the correct TDS amount before you pay the seller.
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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