1% TDS On Purchase Of Immovable Property must be deducted

By Accommodation Times Bureau Under Section 195, on transfer of immoveable property by a non-resident, tax is required to be deducted at source by the transferee. However, there is no such requirement on transfer of immoveable property by a resident except in case of compulsory acquisition of certain immoveable properties (section 194LA). The Finance Act,

TDS on Purchase of Immovable Property

By Accommodation Times Bureau Under Section 195, on transfer of immovable property by a non-resident, tax is required to be deducted at source by the transferee. However, there is no such requirement on transfer of immovable property by a resident except in case of compulsory acquisition of certain immovable properties (section 194LA). The Finance Act,

Master Direction – Acquisition and Transfer of Immovable Property under FEMA, 1999,/

By Accommodation Times News Services RBI/FED/2015-16/7 FED Master Direction No. 12/2015-16 January 1, 2016 To, All Category - I Authorised Dealer banks and Authorised Banks Madam/ Sir Master Direction – Acquisition and Transfer of Immovable Property under Foreign Exchange Management Act, 1999 Acquisition and transfer of immovable property by Indian residents outside India and Non-residents in India is

Mere transfer of title in immovable property is exempted from Service Tax

By Accommodation Times News Services The Finance Ministry made an important announcement on 26th October, 2015 in regards to service tax on immovable property. In order to resolve a long standing issue relating to levy of Service Tax on sale of flats/dwellings etc. after issue of occupancy certificate but before issue of

If immovable property is situated in India, gains also taxable in India

By Accommodation Times News Services The first question relates to taxability of amount received on release and relinquishment of tenancy rights, whereas, the second question relates to capital gains on sale of 596 shares and as such do not involve determination of fair market value. As regards the amount received on release of

Gift of Immovable Property or any other property

By Accommodation Times News Services By CA R.V. Shah Section 56(2)(vii) of the Income Tax Act, 1961 applicable from 1st October 2009 has inserted this provision and made in case the property received by an individual or Hindu Undivided Family (HUF). The Section states that, where immovable property or any other property is

Buying immovable property abroad now more easy

              By Accommodation Times News Service Reserve Bank of India yesterday said individuals can also use funds under Liberalized Remittances Scheme (LRS) to buy immovable property abroad. Encouraged by an improvement in the foreign exchange market, the Reserve Bank on June 3 had raised annual overseas investment ceiling for individuals to $125,000 from

Acquisition and transfer of immovable property in India by NRIs/PIOs/Foreign Nationals: Latest Amedments

By Accommodation Times Bureau s/PIOs/Foreign Nationals of Non-Indian Origin Master Circular No. 4/2012-13, dated 2-7-2012 Acquisition and transfer of immovable property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin is regulated in terms of sub-sections (3), (4) and (5) of section 6 of theForeign Exchange Management Act, 1999, read withNotification No. FEMA 21/ 2000-RB, dated May 3, 2000. The