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 …
If you’ve ever wondered what happens when your money gets taxed in both India and another country, Double Taxation Relief is the answer. It’s like a helpful tool that makes things less confusing. In easy terms, it stops you from paying too much tax in different places, making sure things are fair. This tool encourages …
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Introduction In the complex realm of international taxation, understanding the nuances of Double Taxation Avoidance Agreements (DTAA) is indispensable. This comprehensive guide aims to demystify the meaning of DTAA, explore its benefits, delve into effective planning and strategies, and shed light on the tricks of the trade. Meaning of DTAA: Decoding the Jargon Double Taxation …
Introduction: Understanding the intricacies of capital gains computation is crucial for taxpayers, especially when it comes to determining allowable expenditures. In a recent case, Fozia Khan (Ms.) v. ITO (2020) 185 ITD 446 (Jaipur)(Trib.), the Tribunal delved into the complexities surrounding the deduction claims made by an assessee who sold a residential house. Let’s explore …
Continue reading “Sale Commission payment held to be allowable as expenditure on Sale of Property”
Introduction: Navigating the labyrinth of tax laws becomes crucial, especially when it comes to intricate situations like the transfer of businesses from sole proprietorships to private limited companies. In a recent case, Ravi Jalan v. DCIT (2020) 181 ITD 284 / 193 DTR 175 / 207 TTJ 38 (Kol.)(Trib.), the Tribunal grappled with the implications …
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Introduction: Understanding the intricate provisions of the Income-tax Act, 1961 is crucial, especially when it comes to computing capital gains arising from the transfer of capital assets. In a recent case, ACIT v. Amartara P. Ltd. (2020) 78 ITR 46 (SN) (Mum.)(Trib.), the Tribunal grappled with the implications of Section 45(3) concerning the transfer of …
