Buying an NRI's flat? Know the tax impact.
Individuals who have purchased property from non-residents find themselves grappling with several income tax-related challenges. To begin with, it's difficult to determine the seller's tax status (whether he is a resident or non-resident in India according to the I-T Act).
This is crucial, as tax is required to be deducted at 20% (in come cases even higher) for property purchased from a non-resident, as opposed to 1% where the seller is a tax resident. In case of wrong deduction, penalties apply, and the buyer can face prosecution.
When property is purchased from a resident, according to section 194-IA, TDS obligations kick in only if the sale consideration is above Rs 50 lakh. In case the purchase is from a non-resident, according to section 195, TDS obligations apply in all cases irrespective of the quantum.
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In this Issue
|Arangetram: Sruthi Takillapati|
We were basking in the best time of the year, the Music and Dance Arangetram Season! One such joyous occasion was the Bharatnatyam Arangetram of Sruthi Takillapati, student of Smt Sapna Krishnan, which took place on July 14, 2018 at the Grafton High School. [more]
|Boston Center Of Excellence Representatives Meet Prime Minister Modi To Seek Partnership With The Government Of India|
A three member delegation comprising of Mr. Kanchan Banerjee, Dr. Bal Ram Singh and Dr. Darshan Mehta met with the Prime Minister, Mr. Narendra Modi, on August 4 at his residence in New Delhi. Dr. Gautam Sharma of Center for Integrative Medicine, AIIMS, New Delhi, attended the meeting as Prime Minister’s advisor. [more]
|Nritya Nipuna: Juhi Lalwani And Foram Patel |
On July 28, 2018 at the Littleton High School, Juhi Lalwani and Foram Patel completed their Nritya Nipuna. Under the guidance of Smt. Jasmine Shah their guru, the two girls had been training in the classical dance form of Bharatanatyam for the past 10 years. [more]
|Unveiling Of Srila Prabhupada’s Brass Statue|
ISKCON Temple of Boston performed with utmost jubilance the unveiling of Srila Prabhupada’s Brass Statue on Sunday, Aug 5, 2018 at 11:30AM with hundreds of devotees. [more]
|Veena Arangetram: Sahana Venkatesh|
On Sunday July 22, 2018, Sahana Venkatesh, student of renowned vainika and Guru Smt. Durga Krishnan dazzled the audience with an enchanting rendering of classical music in her Veena arangetram at the North Andover High School, North Andover, MA. She was ably accompanied on the Mridangam by our own Sri. Mahalingam (Mali) Santhanakrishnan and on the Ghatam by Dr. Ravi Balasubramanian. Sahana has been a dedicated student of veena for more than 10 years. [more]
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