Tax on sale of property by NRI
This query is : Resolved
Aruna Goswami
(Querist)
13 June 2021
Hello Sir,
I transferred a flat to my NRI son in 2015 without having to pay any stamp duty as transfer within blood relations is allowed so.I hold the POA for managing his property. Later this was rented out and my son was getting rent. But inadvertently I neither showed him NRI in tax return nor got TDS done by tenant .I now realize my mistake. What should I do now to be on the right side of law?
Under above circumstances and realizing higher taxes leviable for NRI on sale of properties, Kindly advise if my son can transfer the property back to me. If not, due to reason that I being original transferor(Is it bad in law?),to his mother?
Thanking you,
Sincerely,
S C Goswami
I transferred a flat to my NRI son in 2015 without having to pay any stamp duty as transfer within blood relations is allowed so.I hold the POA for managing his property. Later this was rented out and my son was getting rent. But inadvertently I neither showed him NRI in tax return nor got TDS done by tenant .I now realize my mistake. What should I do now to be on the right side of law?
Under above circumstances and realizing higher taxes leviable for NRI on sale of properties, Kindly advise if my son can transfer the property back to me. If not, due to reason that I being original transferor(Is it bad in law?),to his mother?
Thanking you,
Sincerely,
S C Goswami
CA R SEETHARAMAN
(Expert)
13 June 2021
Only higher TDS deducted but on filing ITR refund can be claimed.
Capital gains tax will be the same for you and your NRI son.
Capital gains tax will be the same for you and your NRI son.
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
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
