What the resident land withholding tax payable by manjit is

Reference no: EM132727590

Problem 1: Manjit is a New Zealand and six years ago to work in India. He has never returned to New Zealand since he left. Two years ago he purchased a residential rental property in Hillcrest Hamilton New Zealand for $930,000. He has just signed a contract to sell the property for $1,200,000. Manjit has a mortgage of $430,000 on the property and outstanding rates of $2,800. The purchaser paid Manjit a deposit of $100,000 before settlement. The Resident Land Withholding Tax (RLWT) payable by Manjit is:

Select one:

a. $20,000
b. $63,000
c. $89,100
d. $383,600

Reference no: EM132727590

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