Positive impactEconomy
Income Tax: Buying property from an NRI gets easier from October 1; what changes for buyers
Mint 56 min ago·24 Sept 2026, 5:24 am
From October 1 2026, the tax rules for buying immovable property from a non‑resident Indian (NRI) will be streamlined. Resident individuals and Hindu Undivided Families (HUFs) will no longer have to obtain a separate Tax Deduction and Collection Account Number (TAN) for the tax deducted at source (TDS). Instead, they can use their existing Permanent Account Number (PAN) and file the newly introduced Form 141 to report and pay the TDS.
The change reduces paperwork and speeds up the settlement process, which could make NRI‑linked property deals more attractive to domestic buyers. Simpler compliance may also lower transaction costs and reduce the risk of procedural delays that sometimes affect property closures.
Investors should keep an eye on the detailed guidelines issued by the Income Tax Department, any updates to TDS rates, and the timeline for the rollout of Form 141. Monitoring how quickly banks and registrars adopt the new process will help gauge any short‑term impact on property market activity.
Excerpt from Mint
From 1 October 2026, resident individuals and HUFs buying immovable property from non-residents will no longer need to obtain a separate TAN for TDS. They can use their PAN and file the new Form 141, simplifying the tax reporting and payment process. Buying an immovable property from a non-resident will become simpler…Read the original at Mint
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- Category: Economy.
- AI reads the tone as positive (potentially bullish) for the stock.
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