You can execute registered gift deed for your share of flat in brother name 

2) Buyer is required to deduct TDS at the rate 1% if sale consideration is 50 lakhs or above but from 01/04/ 2022, TDS is required to be deducted if stamp duty value of property is also 50 lakhs or more. This means TDS is required to be deducted if stamp duty value of property or sale consideration exceeds 50,00,000

3)buyer will deduct 20.66% TDS on the sale price of the property if capital gain is long term capital gain. In case of short term capital gain, TDS will be 33.99% irrespective of income tax slab of OCI 

If the  property is held for more than 36 months, you will be paying long term cgt. Long term cgt is calculated as under…

1. Multiply cost of inflation index with cost of purchase you will get indexed cost.
2. Deduct indexed cost from selling price.
3. You will be paying 20% cgt on deducted product.

Buyer will be paying tds at one percent above 50L.

You need to submit following documents…

1. Self declaration.
2. PAN card copy..
3. Copy of visa.
4. Copy of visa.
5. Proof of pio.

Submit an application under Form 10FA seeking Tax Residency Certificate on the  basis of which  you can claim exemption for double tax liability.

Depending on duration of property held, you will be paying cgt. If the  property is held for shorter than 36 months you will be paying short term capital gain tax. In this case gain is added to total income and income tax is calculated based on your tax bracket.

If the  property is held for more than 36 months, you will be paying long term cgt. Long term cgt is calculated as under…

1. Multiply cost of inflation index with cost of purchase you will get indexed cost.
2. Deduct indexed cost from selling price.
3. You will be paying 20% cgt on deducted product.

Buyer will be paying tds at one percent above 50L.

You need to submit following documents…

1. Self declaration.
2. PAN card copy..
3. Copy of visa.
4. Copy of visa.
5. Proof of pio.

Submit an application under Form 10FA seeking Tax Residency Certificate on the  basis of which  you can claim exemption for double tax liability.  $1 Million (USD) outside India per calendar year as per RBI/2004/36 A.P.(DIR Series) Circular No.62.

A 20% TDS is subjected to get deducted on the property sell-by NRI if the property sold prior to 2 years (reduced from the date of purchase) 30% TDS would be subjected to apply. 

Tds on your share will be applicable. 

Your brother being resident indian will apply tds a per normal rate. DTAA can be availed when both nations have the agreement. If you paid tds india you can avail the benefit in your resident nation. 

If you trust him you can do that. That will not incur you capital gains

For resident Indian seller TDS of 1% is applicable only if the property value is more than 50 lakhs. 

If your brother's who is co owner, share of consideration value is less than Rs. 50 lakhs, then no TDS will be deducted by the buyer out of the sale consideration amount.

However since you are an OCI, the buyer has to deduct TDS out of the share of amount to be settled to you by way of sale consideration amount. 

Selling of property by NRI is taxable under u/s 195 of the Income Tax Act, 1961.

Long term capital gain tax will be 22.66% if NRI is selling a property in India after holding it for more than 3 years. In case holding period is less than 3 years then Short Term Capital Gain Tax will be applicable as per income tax slab. In case of short term capital gain, TDS applicable will be 33.99% irrespective of tax slab of the NRI.

Buyer will deposit TDS with Income Tax Department. TDS is applicable even if value of property is less than 50 lakhs.

If you are transferring your share in the property to your brother by way of gift deed, then you may have to pay the applicable stamp duty for this registered transaction.

But once you have transferred your share in the property to your brother by executing a gift deed, then you cannot legally claim the value of your share out of this property sold by your brother at any stage after you have gifted your share to your brother, because a gift deed cannot be executed for a consideration amount.

Hello,

TDS will have to be deducted by the buyer on the entire sale consideration. So both you and your brother will be affected.

If the buyer files an application for determination of actual capital gains with the income tax dept., the TDS will be deducted on that (lower) sum and not the entire sale consideration. So you must have this application filed.

The TDS will be deducted at different rates in both cases (20-30 percent for you and 1 percent for your brother). I don’t know quite a few things about your case and so can’t give you an exact calculation.

Please don’t confuse TDS with your overall tax liability. If your actual liability is lower then you will be eligible for a refund.

As for gifting your share and then receiving the proceeds, it will not work because you will merely end up shifting your tax burden insofar as it relates to long-term capital gains to your brother. (Even if this were not an issue, clubbing provisions relating to revocable transfers would negate any benefits to you.)

The proposed transaction will be taxed in India as per the DTAA, Article 13(1) whereof makes such transactions taxable where the immovable property is situated.

Hope that answers your question. Follow-up queries welcome.

Best of luck

TDS on Sale of property is required to be deducted @1% if the property value is more than Rs. 50 Lakhs. This TDS is required to be deducted for all transactions after 1st June 2013 if the property transaction value is more than Rs. 50 Lakhs.

2) for your share it would be 22.6 per cent 

3) you can repatriate one million per year 

4) NRI can apply u/s. 197 to Income Tax Department in the Form 13 online on Traces portal that Capital Gains Tax is taxable at effective lower/Nil rate of tax due to indexed cost of acquisition /cost of improvement/Exemption benefit availed etc

5) contact a local CA 

This is a public forum.

You are giving a general call to all the advocates of this forum.

It is not that anyone interested, if you are keen to choose one from tis forum or outside, it is you who has to contact the chosen person and you cannot expect advocate to approach you to do the service to you voluntarily, that will be termed as solicitation, which is prohibited as per advocates act. 

The TDS would be for the sale consideration amount that you receive from the buyer directly