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Land sell to a foreign buyer
A PERSON FROM UK OFFERED AN AGENT FROM INDIA TO BUY SOME ACRES OF LAND IN INDIA TO BUILD A FIVE STAR HOTEL AND THE AGENT IS AGREE TO ARRANGE THE LAND FOR THE FOREIGN BUYER.ALSO SOME AMOUNT MONEY IS OFFERED TO THE AGENT FOR THE PURCHASE OF LAND BEFORE ANY AGREEMENT WITH HIM.NOW I WANT TO KNOW THE DUTIES AND RESPONSIBILITIES AND ALSO LIABILITIES OF CLIENT( THE AGENT) IF HE RECEIVES THE MONEY BEFORE ANY AGRREMENT?
Replies (2)
Receipts should be through banking channel. Treated as advance and hence no tax liability at present. Tax liability shall arise as and when the same is adjusted against commission or payments.
Sir,
Tax implications may arise ...
Warm Regards
Kapil Chandna Advocate
9899011450
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