Tax on sale of property

This query is : Resolved

Heena Bashmakh (Querist)
Follow

16 January 2016 Need urgent advice NRI sold property in India through his brother. But there is no power of attorney. he will pay capital gains and want to repatriate money. Now question is who will pay tax..NRI or his brother in representative capacity. If brother than what is the Procedure. Is power of attorney is mandatory. in return filling is mandatory how this tax paid will reflect.

Naresh Dharia F.C.A.

Naresh Dharia F.C.A. (Expert)
Follow

16 January 2016 NRI will have to pay the Tax in case of sale of Property in India.
In case he does not want to pay tax then he has to have the calculation of Capital Gain as NIL taxable.
Hence he has to file the return of income in India...Ok

Naresh Dharia F.C.A.

Naresh Dharia F.C.A. (Expert)
Follow

Naresh Dharia F.C.A.

Naresh Dharia F.C.A. (Expert)
Follow

Message likes : 1 times

CA TSR

CA TSR (Expert)
Follow

16 January 2016 The buyer of the property is required to make TDS U/s. 195. The brother of NRI is not having Power of attorney, hence how it is possible to register the property without signing of the seller i.e. NRi or his power of attorney/GPA holder. In absence of power of attorney / GPA the NRI himself it is required to attend the register office while selling the property. The buyer is required to make TDS as per Section 195 read with Income Tax rates specified in Section 112 of the Income TAx Act, 1961.

Message likes : 1 times

Heena Bashmakh

Heena Bashmakh (Querist)
Follow

18 January 2016 The Purchaser is sending agreement through courier for signature and it is not registered property.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Hanuma Yanduri

Jai Solanki

George Innocent

Ravikumar

sandhya.v

Subscribe Now

Tax on sale of property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Manager- Finance and Compliance

CA Final

GST CONSULTANT

Accountant

Senior Executive