Dear All,
I just want to know, whether I'm liable to pay taxes in India, if I purchase residential lands (plots) in India?? (as a NRI).
How to declare those properties (plots) in our IT Returns.
Please advice... Thanks
Permission does not require to acquire any and every property in India. The NRIs are allowed to purchase only residential or commercial property. So NRIs cannot purchase any agricultural land or plantation property
So herein NRI can purchase Residential land (Plots ) in India because it is not in nature of agricultural land or plantation property.
NRI does not need to declare those properties (plots ) to declare in our IT returns as when he will sell then Capital provision will be applicable .
CAclubindia
