OCI holder buying property in Mumbai : Mode of Payment
This query is : Resolved
20 November 2023
Hi
I am an OCI holder and my mother is resident indian. I plan to buy a residential property in Mumbai from a resident indian seller.
If I buy property in my name(non resident OCI holder) and my mother (Resident Indian)
AND
Make payment in ratio of 5% from my NRE account & 95% from my mother's resident account
AND
have agreement with ownership rights in ratio of 95% under my name & 5% under mother's name
AND
deduct 1% of TDS for seller
Will I be OK from Violation, Taxation and other hassles in future?
Appreciate you genuine inputs, help and support. Thank you
Regards
Puja Doshi
I am an OCI holder and my mother is resident indian. I plan to buy a residential property in Mumbai from a resident indian seller.
If I buy property in my name(non resident OCI holder) and my mother (Resident Indian)
AND
Make payment in ratio of 5% from my NRE account & 95% from my mother's resident account
AND
have agreement with ownership rights in ratio of 95% under my name & 5% under mother's name
AND
deduct 1% of TDS for seller
Will I be OK from Violation, Taxation and other hassles in future?
Appreciate you genuine inputs, help and support. Thank you
Regards
Puja Doshi
15 January 2024
This should help https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=1855#:~:text=The%20payment%20can%20also%20be,cheque%20and%20foreign%20currency%20notes.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Value of property in capital gain
- Copyright software
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- Multiple trade mark
- TDS APPLICABILITY......
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
