I am an Ordinary Resident as on 31.3.2024. I may become a Non-Resident on 31.3.2025. Both the conditions viz., 182 days stay and 360 days in 4 previous years (although 60 days stay is possible) may not be complied with. In such a situation, if I sell my property, during my brief stay in FY 24-25, what would be my Status ? will I be treated as NRI and whether 20 % TDS by buyer will be applicable ?
Ans: 01. Since you are Resident Citizen in 2023-24 & your status during F/Y 2024-25 cannot be confirmed till the year under reference is complete.
02. Under these circumstances, your status would be treated as Resident Citizen, for the purpose of applicability of TDS on sale of property at present.
03. In my opinion, you should be subject to 1% TDS, while selling the property in normal case.
04. However, if you become NRI for with reference to F/Y 2024-25, You should file your ITR as NRI & not as Indian Citizen.
Most welcome for any further clarification. Thanks.