Tax on sale of property by NRI
This query is : Resolved
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
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.
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