I am selling a website+domain for Rs. 10 Cr. How can I save tax? I need to eventually take money overseas through RBI (whatever is permissible every year - split amongst family members) I do have 2 IT companies in India but they have been dormant with no transactions for last 2-3 years. I understand that if a payment is taken in a company, it may be difficult to take out funds i.e. get foreign exchange via RBI, unless the company pays that as a salary to its directors which would be subject to individual tax. Also, how can I suddenly show lots of expenses right after getting the payment? (if taken in a company)?
I have not been showing any income or expenses against the website that I am selling in India. Not in the company or even in an individual capacity.
Also, will the payee deduct TDS? If paid to me as an individual?
What would be the total tax amount on 10 CR? To keep it simple, I am planning to take the money in an individual capacity and pay the tax and eventually take it overseas.
I guess the total tax component will be 3 CR? Is there a way that I can save some more tax? How about making some donation to a NGO instead of paying so much tax?
How can I save on taxation? Any ideas are welcome!
Thanks
CAclubindia
