Sale of property

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Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2016 whether 285BA apply to sale of property?

Amol S Joglekar

Amol S Joglekar (Expert)
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10 June 2016 yes. it is applicable to sale of property. The sub registrar need to report the transactions to Income Tax department as contemplated in section 285 BA

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Rupesh Jain

Rupesh Jain (Expert)
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10 June 2016 285A. Furnishing of information or documents by an Indian concern in certain cases.—Where any share of, or interest in, a company or an entity registered or incorporated outside India derives, directly or indirectly, its value substantially from the assets located in India, as referred to in Explanation 5 to clause (i) of sub-section (1) of section 9, and such company or, as the case may be, entity, holds, directly or indirectly, such assets in India through, or in, an Indian concern, then, such Indian concern shall, for the purposes of determination of any income accruing or arising in India under clause (i) of sub-section (1) of section 9, furnish within the prescribed period to the prescribed income-tax authority the information or documents, in such manner, as may be prescribed.".

any income recd from any property situated in india by a company incorporated out side india through india concern , then indian concern will furnish the detail of income from property. its apply also on sale, renting etc.

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