Sir, thanks for sharing all the useful info. To avoid all these hassles of selling property as NRI, and to make it simple, whether children can gift the property in India to parents. Or giving POA to parents is a better option. Request your views. Thanks.
There is a property bought in India and during that time there was a very small house . When we went to pay the house tax it came to understand that the house built in the land is not registered to pay house tax however the land tax was able to be paid. Appreciate if you can guide will there be any such instance and what are the steps to rectify or ensure our property is compliant to the laws and regulation with IT
This time few years back i went to pay house tax as usual and they said that house don't have any tax to pay. That is a 400 year old ara and 7 rooms in the house.?
How to deal with actual vs paper value of the property? This is the biggest headache of any Real Estate in India and tax implications due to huge difference in them.
This is exactly what I’m doing now!! Million thanks to you sir 16:🙏🏻 one more thing, can you please confirm if we can reduce our tax burden by purchasing crypto and use it for outward remittance ??
Nice info and thanks. I have 2 queries. 1. is there any timeline period to re-invest after selling the property by NRI in India. 2. can we invest back again on land? if yes, then is construction mandatory on that land?
I think it’s bad advice to pay stamp duty by NRI seller, why should NRI contribute towards any Stamp Duty, it is 100 percent paid by Resident buyer. If any discount is to be considered seller can negotiate in the overall price of the property.
Thanks for sharing the useful info. Is TDS payment same as GST or is that in addition? Also what is the government guideline value? Someone told me that a property cannot be sold for under the government guideline value. Is this true?
I am a US citizen with an OCI card. I have settled back in India since 2019 and did not visit any other countries there after. Whether I will be treated as an NRI or a resident while selling my ancestoral property in India ?
no chartered accountant can guide you in India as tax authorities can send Notice after 10 years asking you for details of sale and amount credited to your bank and what you have done with the money even after one pay Capital gain tax. Your file is never closed for 10 Years. Pl keep all documents safely including bank stateents and Investments made .
APLEASURABLE EXPERIENCE IS A NIGHTMARE IF YOU WANT TO SELL A PROPERTY LEGALLY AS MOST BUYERS WANT TO PAY BLACK MONEY AS PART OF THE DEAL AND HUNDREDS OF PHOTOCOPIES AND LENGTHY PROCESS OF REGISTETING PROPERTY AFTER SELLING IT AND PAYING THE CORRECT TAXES😢
What woudl be tax exemption limit on a joint NRO account? Is it still 2.5 lakhs? For example if i have a joint nro account for me and my wife (both are NRIs) is the tax exemption limit 2.5 lakhs or 5 lakhs for this particular account?
In India there is Capital Gains tax on sale of property also in United Kingdom there is inheritance tax. Can you give some advice for UK individual inheriting property from UK parent who inserted property for their parents in India.
@AKT Associates Many thanks, I will try to find relevant professional to plan for future also rules for Inheritance tax are going to change, most tax, pension rules are changed every few years.
@NRI Money Clinic, Hello sir, I have question about the recent news about 20% taxes that government is introducing, I have sent money to India multiple times to the tune of 100K dollars, now if I want to transfer it back to US, do I have to pay 20% tax? Also I sold my house and invested in REC bond for 5 years, kind of paid capital gain right, do I have to pay again 20% to send the money to US?
I wish to invest in india on a residential property, being an OCI holder of Australia. Need your suggestions on the transfer of payments to the builder? Is it good to transfer funds from my NRE account in India or direct bank transfer from Australian bank. Looking into future repatriation of funds after sale.
