Dear Forum Members
I Have a query, hope to find solution from the forum.
We are Four Brothers, Two of us are Resident Indians & Two are Overseas Citizens of India. we brothers are constructing a Building comprising of commercial spaces & residences on a plot gifted my Father to all 4 of us.
Now my query is, being 2 of us are resident Indians & other 2 are OCI card holders, what are the tax implications pertaining to income generated from the property, I heard that if the property is in the joint name, the return as to be filed jointly. (The building is in construction stage & no income is generated as yet.)
Please, guide me how to go about regardingly, as Residential Status are different.
Also, please let me know if OCIs can apply for TAN & deduct TDS for amount Paid to Contractors,
Thanking in Advance.
Ashwath.
CAclubindia
