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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|Arangetram: Mayuri Venkatesh|
Mayuri Venkatesh presented her Bharatha Natyam arangetram at the Norwood High School on July 14, 2018. Mayuri is a student of renowned dancer and Guru Jayshree Bala Rajamani of the Bharatha Kalai School of Dance in Lexington, MA. Mayuri is a rising Sophomore at Westwood High School. [more]
Buying an NRI's flat? Know the tax impact. [more]
|SAPNE Folk Literature Event|
Indian culture lives among people. The vast regions of South Asia are the home of world’s oldest mythology, folklore, ballads and rhythm of life. We have not studied if a rhythm is inherent in human biology or if we learn the rhythm from nature. Rhythm becomes our company in life, we perform our best when we are in rhythm. Rhythm is harmony in human existence and it manifests in human expressions. Without fully analyzing it, we settle it as an inner voice and then we use the term "God". Come and be part of the SAPNE Folk Literature Event on August 18th. [more]
|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]
Catch up, register and purchase tickets for the upcoming events and concerts including Ekal Appathon, Shringara Triveni, Shaam-E-Ghazal with Kiran Nath, Philomela Concert, Mithas: Mita Nag, Shadaj: Manjiri Asanare-Kelkar, T.M. Krishna and MITHAS Membership. [more]
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