Property
This query is : Resolved
04 December 2015
I have per chased property in the joint name with my son.I want to transfer this property as gift through registered deed in the name of my son. My son is NRI and is citizen of U K . Will there be any income tax issues. The cost of property will be more than 30lacs.
05 December 2015
Gift is not within the meaning of transfer u/s 47 of the IT Act, 1961. Hence, no income tax issues. Since, he is UK citizen, you need to check the compliance of FEMA, as the transaction involved is immovable property in India.
06 December 2015
Please go through the below link
https://www.rbi.org.in/scripts/FAQView.aspx?Id=33
https://www.rbi.org.in/scripts/FAQView.aspx?Id=33
07 December 2015
There is a general permission from RBI for acquisition of residential and commercial properties by NRIs. However, there is a restriction on NRIs to purchase agricultural land.
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
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Reward for festival
- Employee secondment
- GSTR9 Annual Return
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Ito add credit side of bank
- Rent agreement of House of deceased person
- TDS Return Statement Status
- Capital gain on commercial property and investment in residential property
- Rectification under processing even after 6 months cpc portal
- Upload Level ValidationITR3Category of Defect B/D
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- MSME Payment Sec.43B (h)
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
