Purcahse propery outside india

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This discussion clarifies how Indian residents should account for purchasing residential property outside India. It advises declaring such properties under the 'Investment' head. Rental income generated from these overseas properties is taxable in India and should be credited to 'rental income'. The conversation also touches upon how to represent vacant properties, suggesting they be declared as 'Self Occupied' even if unoccupied.

aarya

aarya (Querist)
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28 February 2022 wish to purchase residential property outside india , how it will show in balace sheet and prpoerty will give in rent . so please how to show transaction in books of account

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 March 2022 Declare it under Investment head.
For Resident Indian, rent income would be taxable in India. Credit it to rental income.

aarya

aarya (Querist)
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01 March 2022 i am receiving already receiving rent from two property but one is sop and one is commercial which is vacant ,, so how to show rent on vacant propery

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 March 2022 If it is vacant, how can you receive rent over it?
Declare it as Self Occupied (though vacant).

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