As an Non-Resident Indian (NRI), selling your property involves several crucial considerations. First and foremost, understanding the market value of your property at the time of sale is essential. Additionally, you need to understand the payment of income tax in India on the sale proceeds and the repatriation of funds out of India after tax …
Acquiring property in India has become common among Non-Resident Indians (NRIs) due to the general permission granted to them for buying residential properties and renting them out. In cities like Gurgaon, Pune, Faridabad, Bangalore, NRIs are either holding or purchasing properties for rental income. However, it’s crucial to note that the rental income earned by …
Continue reading “Income tax on Rental income of NRI and Rate of TDS on NRI”
If you’re an Indian resident moving to places like the USA, Singapore, Canada, or the UK for work, studies, or business, your status changes from resident to non-resident after living there for a few months. Once this happens, there are certain rules and regulations that you, as a Non-Resident Indian (NRI), need to follow. One …
Did you know that as a Non-Resident Indian (NRI), you can sell property in India and remit up to $1 million from the sale proceeds each financial year? NRIs are allowed to sell property in India without needing permission from the RBI (Reserve Bank of India). The sale proceeds can be freely transferred to a …
Continue reading “NRIs can remit upto $1 million from Sale Proceeds of Sale of Property”
Do you know when you’re considered a Non-Resident Indian (NRI) under the Foreign Exchange Management Act (FEMA)? And are you aware of the benefits NRIs can enjoy in India? Let’s break it down in simpler terms. According to FEMA, an NRI is someone living outside India while still holding Indian citizenship. This includes individuals abroad …
Continue reading “Benefits to NRIs under FEMA and Income Tax Act”
Recently, the income tax authority issued a corrigendum regarding the income tax form. They added a new table regarding deductions under sections 80DD and 80U in Form ITR 2 and ITR 3. These changes are aimed at preventing false deduction claims under sections 80UU and 80U, which were not previously addressed. The details are necessary …
When you’re buying property, you need to deduct TDS (Tax Deducted at Source) from the seller’s payment and deposit it with the government. Usually, Form 26QB is used when the seller is an Indian resident. You’ll need to provide details like the seller’s PAN, communication info, property details, and payment mode (like net banking or …
Continue reading “Mistakes to Avoid in Property Purchases from Residents and NRIs”
Investing in a home is a significant life decision, but when someone is relocating from their home country permanently with their family, selling assets and transferring funds to another country becomes a crucial step. This includes selling immovable property, such as real estate. For Non-Resident Indians (NRIs), selling property in India and repatriating the entire …
Continue reading “Tax Implications for NRIs Selling Property in India and Lower TDS Certificate”
In a world full of uncertainties, it’s crucial to stay vigilant, especially when it comes to big investments like property. Recently, there have been cases where Non-Resident Indians (NRIs) selling property in India haven’t declared their residential status to Indian buyers. This oversight has significant implications under the Income Tax Act of 1961. Here’s the …
Continue reading “Practical Challenges faced by Buyers, buying immovable properties from NRIs”
Understanding NRI (Non-Resident Indian) laws and how to comply with them when dealing with property transactions in India can be challenging, especially when you’re living outside the country. Even though resources like Google are easily accessible, finding accurate information can still be tricky due to search algorithms. As an NRI, one common concern revolves around …
