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Receiving Payment for Property Sale

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S A

63 Points Posted on 17 January 2024

My brother, an NRI, has a flat that he will be selling next month.

Is it ok to credit the token amount (1 lac) in a joint bank account in which his wife is the first holder and he is the second holder?

His NRO account will be functional when the actual sale takes place.

He plans to accept the sale amount in his own NRO account?

Is it ok if the token amount (1 lac) goes to one account and rest (50 lac ex of TDS) goes into another account?

Will there be any issue at the time of filing the ITR?

Replies (4)

Quick Summary

An NRI is selling a flat in India and is seeking advice on how to receive the sale proceeds. The discussion covers whether it's acceptable to credit the token amount to a joint account where his wife is the primary holder, and the main sale amount to his NRO account. It also addresses potential issues with filing income tax returns (ITR) when funds are received in separate accounts and advises on calculating capital gains tax with an auditor.

Sharath chandra

Accountant

688 Points Posted on 17 January 2024

Ideally no.

please wait for others answers.

sabyasachi mukherjee

Profession

19978 Points Posted on 17 January 2024

Nri selling flat. incidence of taxation applies here.

S JEEVARETHINAM

Sr Manager Finance and Taxation

96 Points Posted on 31 January 2024

Both of Husband and Wife need to file Income Tax Returns separately based on the Capital

Gains Income and Tax Limit. Please arrange to compute Capital Gain Tax Workings with your Auditor.

They can receive the amount in two different account.

Sharath chandra

Accountant

688 Points Posted on 31 January 2024

why both ?

Originally posted by : S JEEVARETHINAM
	Both of Husband and Wife need to file Income Tax Returns separately based on the Capital Gains Income and Tax Limit. Please arrange to compute Capital Gain Tax Workings with your Auditor. They can receive the amount in two different account.