Indian Properties in NRI Comfort Zone!
Liberal Regulations For Acquisition, Transfer & Repatriation
For Immovable Properties Held By Non Residents
Thousands of Non Resident Indians (NRIs) settled overseas fly frequently to India, the home of their hearts. Many of them yearn to have a land or house of their own in their native land, either for future settlement or even to share rental gains or just property appreciation. There are those who have come to acquire properties either by way of gifts or inheritance and desire to sell them and repatriate the proceeds overseas. This FAQ presentation on the liberal regulations in this regard will prove handy and useful both for NRIs and their relatives in India.
NRIs treated as Not Required Indians
Harsh, Illogical & Discriminatory Taxing Provisions For NRIs!
Proposals That Will Hurt The Global Indian Sentiment
Flat Rate of Tax
- 20% flat tax on interest & other investment income.
- 30% flat tax on all capital gains.
- Apart from 20% & 30% TDS on above, TDS at a baffling rate of 35% prescribed on all residual income.
No Personal Exemption
- No personal exemption or deduction allowed in computing the above income treated as ‘income from special sources.’
Weird Interpretation
- Poor drafting leads to such a weird interpretation that transfer of a capital asset may attract 30% tax on gross sale consideration.
What a Discrimination?
- Ironical but true! Non-Indian sports-persons, say Ricky Ponting or Shoaib Akhtar, required to pay a concessional tax of 10% on their game, advertisement and column earnings in India, thus enjoying a more privileged tax status than our own sons of the soil living abroad.