New Delhi, Feb. 1 -- The Union budget for FY27 has proposed that residents buying properties from non-resident Indians (NRIs) are not required to obtain TAN (tax deduction and collection account number), a move that will ease such transactions.

According to experts, this simplifies the process for buying NRI-owned properties. "The new proposals will make the property buying simpler when the seller is an NRI," said Gautam Nayak, partner at CNK & Associates LLP.

Presently, to buy an immovable property from a resident seller, a person does not need TAN, which is required to deduct tax at source. However, if the seller is an NRI, the buyer needs TAN to deduct tax at source. This creates an unnecessary compliance burden for the buyer, as he ...