Rajesh Desai, an NRI, purchased an apartment in Bengaluru for ₹1.5 crore. He complied with Foreign Exchange Management Act (FEMA) rules by making payments through his Non-Resident External (NRE) account. Since the transaction involved a resident seller and exceeded ₹50 lakh, 1% Tax Deducted at Source (TDS) was deducted. RBI approval was not required, as […]
