NRI Inc. helped NRI to remit funds on Sale of Property without waiting of Lower TDS Certificate

Facts of the case:

NRI wanted to sale his property amounting to Rs 2.00 Crores and had applied for Lower deduction of Tax on 20.02.2020 to enable deduction of less than 20.8% of TDS.

The Registry date was 12.03.2020 and the client approached us on 28.02.2020. Further, he had to leave few days in advance for his hometown due to a global pandemic, which had started spreading globally.

The client had applied for the Lower TDS deduction which normally takes 30 days to get processed.

Outcome:

NRI Services Inc. analyzed all the information provided by the client

By making use of certain Apex Court judgments and the intricate provisions of Income Tax, found out solution to enable client get the maximum proceeds from the sale of property.

As a result, the NRI Client did not have to wait for lower TDS deduction and was able to remit the complete sale proceeds from sale of property. NRI Services Inc also got his remittance documents processed within 2-3 days.

Not only he reached home safe and sound, but NRI services Inc took care of his worry of TDS deduction and also avoided the blocking of his funds in the form of TDS Credit. The money had reached his bank account before he could reach home.

Further, the client did not had to again get the remittance of the funds back after the due TDS claim, as and when it would have got credited to him.