NRIs Selling Property In India - All that you need to know - By D B Mehta
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- Опубликовано: 12 фев 2021
- #nri #nrimoneyclinic #financialplanning
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ERRATA :
With respect to minor mistakes that have happened by slip of the tongue, please read below correct information to following time sections
1. Time Stamp 7.24 to 7.47 - Please read it as "Base Year Is 01.04.2001"( instead as 01.04.2000) -
2. Time Stamp 18.02 to 18.24 - Read It As "The number of properties ( two ) restriction is u/s 54F ( instead of section 54 )
3. Time Stamp 8.22 to 9.20, 12.49 to 13.01 & 14.44 to 16.30 - Read it as " The RBI Circular 8/2015-16 allows repatriation upto $ 1 Million for sale of properties which are from NRO funds or inherited properties '
DISCLAIMER : The Opinion expressed in the video or replies to the comments is only for information sake and viewers should seek professional advice before taking any decision "
Sir..what was not clarified was after filing taxes in india does one need to file again in US or abroad. Say one bought prioerty for 30L sold for 50L as per indexation 30L becomes 48L so capital gain is 2L and one pays tax on 2L gain. Does one need to pay 30% in US/abroad on 50L-30L as indexation does not happen in US.
@@AK-gr9qk you corectly asked the question. The expatriated money will be considered as income at other residing country? If we already payvthe CGT it should be treated as clear funds!
Too much of complexities
Thanks for this correction about time stamp. Another confusion, that I noticed. At time stamp 2:30 Mr Mehta says, “the tax rates can be very high depending on value of your property”. I think, what he means is, it depends on amount of capital gain, (not on value of your property).
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In many years, first time I got a clear picture of the amount of steps I need to go through before and after selling property. Thank you very much to Dr Bhatt and Mr. Desai.
It’s time for NRI’s to stop investing in real estate , they are better off investing in the country they live.
You have a point . You dont need to be too pessimistic. Please subscribe and keep sharing the videos
absolutely right
I agree with you. We are treated by govts like milking cows.
Ditto...regret investing in India..starting from the chaprasi to the top most officer they are all super theives..all are after money . NEVER invest in India
I regret having property in India... 😢
Dr. Chandrakanta Bhat, what a great service you are giving to people like us, elderly parents with children overseas. Very clear and lucid....you have made it so understandable. In today’s world of money for everything, where people don’t tell you even the time of the day free, you are sharing such valuable professional knowledge, for free. Thank you Sirs.
Thankyou very much Sir for such clarity on this topic.
I have a question, we live in SAUDI and we bought a plot in india by paying the money in SAR tour freind and he in turn paid to the person concerned and we were given the plot documents on our name in 2006. However, we do not have any bank records or payment details for this particular property except the ORIGINAL AGREEMENT ON OUR NAMES. SOincase we have to sell the property tomorrow how do we go about it ? Please advice.
This a genuine public service video. Thank you Dr Bhatt and Mr Desai.
Pertinent questions and excellent elucidative answers by Mr. Mehta. These questions have become so topical and relevant in view of the large no. of migration of Indians to foreign shores. Thanks to both of you.
As USA citizen I am canceling my plan to invest in India . Was dreaming of beautiful bungalow. This talk showed how much headaches I will have in future. I don’t want headaches when I am old. After watching half video only I got scared 😱 to hell
Gd job Manju..save your hard earned nickels n dimes n live happily ever after..
Proud to be living in my own country Bharat
Exactly ❤same with me I will not buy anything in India as lot of headache 🤕 and crazy Indian laws
U can invest and gift it to your family member. No headache.
Good decision. I am selling a property. Shocked to learn that income tax refund will take 2 years! Compare this with 5-10 working days in the US. And they say India has progressed and is investor friendly!
Very informative and educational. Plain simple language, no rush or jargon. Thanks a lot.
Very useful topic and very well presented & explained. Thank you.
Because of these bureaucracy issues and super high tax no one wanna do business here
immensely valuable. well done and thank you.
Thanks for such a good video. It covers so many questions and most scenarios that we may come across.
Very useful information I was trying to find by talking to many tax consultants in India! Thank you for your complimentary service 🙏
Namaskar Sir
Plse start similar videos on taxation in India for all types of assessees... as the initiative taken by you Sir is extraordinary in terms of quality and presentation so it must help Indian citizen too in general.
Regards for your greatness to share knowledge as times demand.
Thanks for sharing the information and articulating in a simple fashion!
Superb! Cleared some of my queries!
Thanks!!
Great (Free) Service. Valuable information that's not easily available. Sharp and right questions and unambiguous, straight forward answers. Thank you
Thank you so much . Please subscribe and keep sharing the videos
Very good explanation and interview. My MIL is an Indian citizen with a green card, I'm a U.S. citizen with an OCI card. She wants me to visit India and handle her property matters since she cannot travel. This program gives us a very good idea of what we need to do and look at.
Very well video! Extremely thankful for doing this.
Outstanding session. Thanks to you both.
Very interesting , valuable information.
Merci beaucoup infiniment pour vos renseignements .
Great video. Thank you
Just accidentally came across this video. Very helpful information. Thanks very much.
Thank you very much. Excellent information provided in a clear concise manner.
Good content and explanation. Thanks for sharing this!
Hello Sir , Thank you very much covering of subject and the information provided. All Information very necessary for every NRI to know.
Dr Chandrakant-avare, Wonderful Video with a LOT of Useful Information for us NRIs. Dhvd 🙏🙏🙏
May be you should do a calculation for an NRI property sold for 1 Crore with all the deductions and implications and how much one can expatriates etc.
Very good information given by you. I liked the way you have covered such complex subject in simple language. Thanks 🙏🏼
No point keeping property in India nowadays.
Kids born abroad to Indian parents not interested in property or even visiting.
Best to sell and use the money to buy home for kids and visit India for vacation
Fabulous video!! Thanks for sharing your knowledge
WE ARE SO THANKFUL TO YOU FOR SHARING SUCH USEFUL INFORMATION HERE AND WOULD LIKE TO CONNECT WITH YOU PERSONALLY AS WELL. THANKS ONCE AGAIN FOR HOLDING THESE EXCELLENT FINANCIAL CONVERSATIONS
Very well explained. Added value to my knowledge. Thanks.
Dear friend, thanks for sharing this valuable information for NRI's. However the tax slab is changed from april 2022. So better to update this video accordingly
Thanks alot Sir for this video.. superb content with full clarity.
Thank for providing such an important information. My advice is based on my personal experience: 1. Buy the property when it is ready to be delivered. 2. Ensure that Authorities are in the process of registering such properties and will accept the POA in case required.3.There must be a very trusted person who can follow-up procedures on your behalf, or you have a lot of time to be present in India, 5. Please note that if the property is vacant, it can be occupied by someone; Any legal action may take many years to conclude, not necessarily in your favour. I hope the government makes new laws for NRIs and PIOs to buy and sell properties in India. Legal actions must be settled on priority basis for those living abroad.
Ranjit..good advice..this video gives theoretical perspective,it does not mention about typical …baboo Jee..fees n bribes to keep your case active n other official corruptive practices. ..unfortunately..it is sickening n time wasting process ..in big transactions CAs n officials associated official might ask their bigger share under the table..so be careful..just save your hard earned nickels n dimes overseas.. n..live happily ever after..
Beware.. tricky people can fiddle land registry records and deprive you of your land .Legal proceedings takes generations and tons of cash .
Well explained. Very informative. Thanks a lots. 👍
Lots of knowledge. Great value to me.
Very informative and useful session Dr Bhatt and Mr Mehta
Thank you so much for your kind words. Please keep sharing the videos
Excellent episode. Very informative
Great service. Information packed.
It's very Good Knowledge based video, Thank You SirJi
Absolutely clear explanations.Thank you.
Thanks for your feedback. Please subscribe and keep sharing the videos
Thanks very very good information. Very helpful
Very good information for NRIs planning to sell and repatriate the money from it.
Thank you . Please subscribe and keep sharing the videos
Thanks for the valuable information.
Is it necessary to deduct TDS even if there is no capital gain either long term or short term ?
thank you so much for this valuable information🙏
Excellent Video. Sharp and to the point explanation referring to respective I-T application sections. Thank you! Dr. Mehta is articulative.
Very well explained many doubts cleared. Please explain in more detail about gifts to NRI children and grand children, quantum and procedures involved
Very useful information. Thank you so much! Very clear
it is best to be aware of these facts as religeous organisations are into property market and selling these to gullible people like myself and hundreds of followers without explaining implications of complex tax issues and remitting after sale and TDS collection before sale.An eye opener and thanks for sharing this info
Thank you for this advise, it’s very informative and I’ve gained some very valuable information.
Indeed!
Is that india Government is very poor to make money of 30% and/or 20% plus surcharge of 20% minimum from NRI selling property? This tax rate is absolutely unfair and need a revision.
Thank u so much sir I am at Australia I have very small house in India I was very much confused about nri now little bit understood ,thank u again u r given good explanation,expecting some more details.
Simply superb
Hello Sir, I found out online that rural agricultural land is NOT considered a capital asset and hence no capital gains tax is applicable on sale of such. Can you please confirm it ? If true then what steps should one follow ? Thanks in advance.
very useful video thanks for creating it
Very helpful. Thanks.
This video is so helpful. Thanks a ton 😊🙏
It’s helped!
Dr Bhat. Namaskar. I just watched your video. I have one query, if i purchase new apt. first and within 1 yr of the purchase I sell other apt. the can I save LTCG. As per IT rule, I need to purchase new property within 1 year of selling of old one. But not sure what is rule to save LTCG if I purchase new one first and sell old one later. Appreciate if you guide on this.
Thanks.
Very gd sir i may need your advice in future thank you
Thanks for sharing your thoughts!
Excellent content 👍👍
Thanks Mr Mehata for detailed information
Always welcome. Please subscribe and keep sharing the videos
Thank you for your clear information
Very informative
Good video and very informative
Mr. Metha, thanks for sharing in-depth knowledge about this matter. Cold you also please give another presentation regarding those who are foreign citizens and have OCI card holders? Thanks
Excellent inciteful session
You guys are creating great videos
Hi, love your videos. The rules established for NRI's pertaining to selling the property are they the same for OCI holder.
Very educational topic. Can I use section 54F to sell a developed plot and invest in another plot and avoid capital gains.
Great vedio sir
Thank you for the very useful information for NRIs. Thank you for the efforts.
Very useful information Dr Bhatt and Mr Mehta. I am permanently living in the UK and planning to sell my house and the plot back home
Thank you very much for your kind words. Please subscribe and keep sharing the videos
Great Advise...Only question, what if we are selling the property as a Capital Loss, are there still any tax payable?
Brilliant informative video
If old building is redeveloped and new/bigger flat is given by the builder which is then sold then how do we determine if LTCG is applicable or STCG is applicable? Do we take the date of purchase of old flat or date of possession of new flat to compare with sale date to determine LTCG/STCG? Thanks
Very good presentation 👌
QQ: my apartment's sale deed was dated 2012 wherein the registration is 2020 - Is it considered a short term or long term: I mean does the sales deed considered as my purchase date?
Dear Mr. Mehta, Very helpful information. However, very less or no information is available for the situation of NRI selling property to NRI in India. Please add some information.
Very useful information.My question is regarding parents in India wanting to dispose off some property and send the proceeds to NRI children settled abroad.What would be the procedure.
Thanks for educating us.. Is there any advantage if the NRE sells to a person having a NRE account
After the sale money can be kept in govt bonds for 5 years. Put the tax return. Get the tax back to a large extent
Hi Dr, Bhat: I have a question. I understood from one of your previous videos that the LRS scheme is available only to resident Indians. In this video, Mr. Mehta has said that inherited property amounts can be remitted from India to other countries by NRIs subject to the limit of USD 250,000 per year, using the LRS scheme. Which statement is correct? Are NRIs allowed to remit money from India (say from an NRO account) using LRS, in the case of an inherited property that was sold in India?
Thank you, sir 🙏 🙏
If you (NRI)are selling inherited property, you can repatriate full amount.You have to show the deceased was assessed to tax, had paid taxes, you inherited it by a Wii.You have to get probate from the court , submit it to your bank and the bank will remit it to foreign bank.In my case it was city bank at both places.The bank had concerted the amount from NRO to NRE and then remitted it.This happened some 5 yrs ago so I have forgotten exact details.
Thanks for great info video.
I have one question. When you gift part of property to family member and that member want to sell the property without holding it. Is he liable for long term gains or short term.
In other words at what stage the clock starts.
Thanks
So clearly explained...clear and simple
Sir, very informative video. Can you please tell me if the TDS will be on the capital gain value or the entire sale value?
Sir, thanks very clear and understanding. I have one question, I am a NRI house is on both of our name value 1cr,how they tax.
Thank you, very well done
You are welcome. Please subscribe and keep sharing the videos
Great information. Thank you
Very good 👍. Information..
Hello, is it as per 54F: If someone has a house and a plot and sells only 1 of them, have to invest all of the sale proceedings to save CGT?
Super Explanation
Good advice.good.
Hello sir.. One query.. for property purchase from NRI, whether NRI should file form 13 or whether payer should apply in Form 15Efor lower or NIL rate of TDS?
Thanks Dr. Bhat and Dr. Mehta.
I do have a question though. When NRI daughter inherits father (Resident)'s property which has a house too (9/11) built prior to 1990 in a rural area, is it a good option to transfer the property through gift deed or let father sell the property first and transfer the proceeds to her NRO and then 15CA/CB. Is it allowed to transfer the money from father to daughter after taking care of capital gains etc.
Thank you for the information
You are welcome. Please subscribe and keep sharing the videos
There are two values for very old properties inherited namely FMV and guideline value as on 1.4.2001. Are they same? If not how to get FMV, which will be acceptable? Thanks
Effective 01/04/2021, it's guidance value, not FMV that is taken into consideration for computing capital gains. For properties acquired before 01/04/2001, obtain from the sub-registrar's office the guidance value of your property as on 01/04/2001. Unfortunately, the only document available in a sub-registrar's office here in Bangalore is a gazette notification dated December 03, 1998 on the subject of guidance value/estimated market value, and based on this, we can either go by the book and apply the guidance value in this gazette notification or find the guidance value as at 2001, and for this we need the help of the staff at the sub-registrar's office.