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Q: Can sale proceeds of such property if and when sold be remitted out of India?

A: In respect of residential properties purchased on or after May 26, 1993, the Reserve bank of India considers applications for repatriation of sale proceeds up to the consideration amount remitted...

Q: What is the procedure for seeking repatriation of sale proceeds?

A: Application for necessary permission for remittance of sale proceeds should be made in Form IPI 8 to the Central Office of the Reserve Bank of India at Mumbai within 90 days of the sale of the...

Q: Are there any formalities to be completed by foreign nationals of Indian origin for purchasing a residential immovable property?

A: They are required to file a declaration in Form IPI 7 with the Central Office of the Reserve Bank of India at Mumbai within a period of 90 days from the date of purchase of immovable property or...

Q: Can the rental income from the residential property be remitted outside India?

A: No. Such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property. Restricted remittances are, however, now permitted.

Q: What are the conditions required to be fulfilled for repatriation of sale proceeds?

A: Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final of...

Q: What are the RBI rules to repatriate rental income from property?

A: The rental income, being a current account transaction, is repatriable, subject to the appropriate deduction of tax and the certification thereof by a Chartered Accountant in practice. Repatriation...

Q: How is the rate of capital gain tax computed?

A: Type of asset: Assets like house property, land, and building, jewelry, development rights, etc. Rate of tax deduction at source (TDS) Long term 20.6% Short term 30.9% Exemption available (only...

Q: Do NRIs have to file returns in India for their property rental income and capital gains tax?

A: The Government of India has granted general permission to NRI / PIO / OCI to buy property in India and they do not have to pay any taxes even while acquiring the property in India. However, taxes...

Q: What is the tax treatment for income generated from property selling or renting for NRI?

A: The mere acquisition of property does not attract income tax. However, any income accruing from the ownership of it, in the form of rent (if it is let out)/annual value of the house (if it is not...

Q: I receive a pension in India that was from my service prior to migrating to USA about 20 years ago. Now I get Social security based on work of the last 20 years in USA. Can Social Security Administration, deduct some amount from my Social security since I get a pension from India? Please let me know your detailed reply.

A: Employers' contributions to Indian social security are not taxable in the hands of international workers. In relation to their own contributions, international workers can claim a deduction of up...