1) Obtaining a PAN (Permanent Account Number) is mandatory for NRIs who sell property in India for the purpose of TDS (Tax Deducted at Source) on the sale of the property.

2)When NRI sells the property, the buyer is liable to deduct TDS @20%. TDS must be deducted when making a payment to NRI.20% TDS (after Indexation) for transfers before July 23, 2024, and 12.5 %( Without Indexation) TDS for transfers after July 23, 2024.

3) The NRI can reduce TDS by filing an application for a Lower Deduction if there is no Capital gain or if capital gain is lower than TDS to be deducted with the Income Tax Officer.Various documents are required to be filed along with the application in Form 13.

if the sale proceeds that an NRI has received have to be repatriated, i.e. if the money has to be sent back to ones home country, an NRI is supposed to require a PAN card for the same

The tds rate is 12.5 percent from October 2024, if property held for more than 2 years.

Form 13 has to be filed and submitted to TDS department to get zero deduction certificate as there is no gain on sale of the scheduled property.

As an OCI (Overseas Citizen of India) selling a property in Bangalore at a capital loss, you are still subject to TDS (Tax Deducted at Source) under Section 195 of the Income Tax Act, as the obligation to deduct TDS applies regardless of whether the sale results in a gain or loss. However, since there is no actual gain, you can apply for a NIL or lower TDS certificate from the Income Tax Department by filing Form 13 online—this certificate, once issued, allows the buyer to deduct TDS at a lower rate (even zero, if approved). To proceed, it is mandatory for you to obtain a PAN card, which is required both for applying for the certificate and for filing your Income Tax Return in case of any refund claim. Once you have the PAN and the certificate, the buyer will also need to file Form 15CA and, if necessary, Form 15CB (issued by a Chartered Accountant) before remitting the sale proceeds to you. If TDS is deducted despite the loss, you can file a return at the end of the financial year to claim a refund. In short, your first step should be to apply for a PAN card, followed by seeking the NIL TDS certificate, which will help avoid unnecessary deduction on a loss-making transaction.

Let me know if you’d like assistance with the PAN or Form 13 process.

- Yes, in the said case also , the TDS will apply, 

- Further, under Section 195 of the Income Tax Act, when a non-resident/OCI sells property in India, the buyer is required to deduct TDS at 20% on the entire sale consideration, not just the gain. It means TDS will apply in case of capital gain as well. 

- However, under Section 197 of the Income Tax you can apply for the NIL TDS certificate , and for which a PAN card an mandatory. 

- Hence, you can apply for getting PAN Card online ..

1. TDS would be around 14.5% of the sale consideration amount, since you hold OCI card.

2.  You can get the percentage of tax (TDS) reduced by obtaining Lower Tax Deduction Certificate from the jurisdictional Income Tax Officer.

2.  The buyer should have TAN number.

As an NRI, if you sell a property in India, the buyer deducts 20% as Tax Deducted at Source (TDS) as Long Term Capital Gains Tax for properties sold after two years. For properties sold before 2 years, the TDS rate is 30%, deducted as Short Term Capital Gains Tax.

you can sell property in India without a PAN card, but there are hurdles: Higher TDS Deduction: As mentioned, TDS will be deducted at a higher rate, which could significantly reduce your net proceeds

Form 60 is only for Indian citizens. If you are a Non-Resident Indian (NRI) or a foreign national, you must follow the specific procedures for financial transactions meant for your status.

If you're an NRI or OCI and don't have a PAN card, here's what you can do: Apply for a PAN Card: This is the simplest and most recommended option. The process is straightforward, and you can apply online through the NSDL or UTIITSL website. Once you receive your PAN, the property sale can proceed smoothly.

TDS for NRI Selling Property in Bangalore:

1. TDS Applicability:
   Yes, TDS (Tax Deducted at Source) applies to NRI property sales, even if there's a capital loss. The buyer must deduct TDS @ 30% (plus surcharge/cess) on the sale amount, as per Section 195 of the Income Tax Act.

2. PAN Card Requirement:
   While PAN is preferred, Form 60 can be used if you don’t have a PAN card. This form must be submitted to the buyer before the sale, who will then apply the TDS accordingly.

3. Procedure:

   • Provide Form 60 and your overseas ID to the buyer.

   • Ensure that TDS is deducted and deposited to the tax authorities by the buyer.

4. TDS Refund:
   If you incur a capital loss, you can claim a refund for excess TDS after filing your Income Tax Return (ITR) for the relevant year.

Yes tds will apply on sale and you can claim capital loss in your income tax return