Mukesh Patel.in
practical tax & investment planning online
international tax expert / columnist / author / speaker

NIGHTMARE FOR PROPERTY BUYERS!

FM thrusts onerous obligation of deducting TDS on all purchasers of immovable property over Rs.50 lakhs 

The taxing proposal, which came to be announced by Pranab Mukherjee in his Budget proposals in February, 2012, but soon came to be rolled back, when he realized its harsh implications, has quite astonishingly been sneaked in once again by P. Chidambaram in the Finance Bill, 2013.

 ILLOGICAL JUSTIFICATION

Attempting to justify the reintroduction, the FM tried to explain in his Budget speech, “Transactions in immovable properties are usually undervalued and underreported.  One-half of the transactions do not carry the PAN of the parties concerned.  With a view to improve the reporting of such transactions and the taxation of capital gains, I propose to apply TDS at the rate of one percent on the value of the transfer of immovable property where the consideration exceeds Rs.50 lakhs.  However, agricultural land will be exempt.”

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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.

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Ensure Smooth Passing Over of Your Immovable Properties

Keep A Joint Holder Or Make A Nomination

And Direct A Clear Bequest Under Your Will!

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