Buying property from an NRI is easier, but don’t make this 12.5% TDS mistake
“Form 141 is not a new form introduced by this notification. It is a consolidated challan-cum-statement that was introduced under the new Income-Tax Act, 2025, for specific TDS transactions. It is already used for depositing TDS on payments by individuals and HUFs to residents, including TDS on purchase of immovable property from a resident. The recent notification has expanded its scope to also cover TDS under Section 393 (2), where a resident individual or HUF purchases immovable property from a non-resident, with a new Schedule E specifically prescribed for such transactions,” said Neeraj Agarwala, senior partner at Nangia & Co LLP.
