Non-disclosure of foreign property invites ₹10 lakh penalty per yr
Business Standard|November 12, 2024
Many high-net-worth individuals who allegedly own undeclared properties in Dubai have received notices from the tax office.
SANJAY KUMAR SINGH & KARTHIK JEROME

Buyers must comply with the Foreign Exchange Management Act (FEMA) and the Income-Tax Act when buying property abroad.

"As the United Arab Emirates is a tax-free zone, black money is often routed through hawala to Dubai, then banked and invested in property. Cash deposits in Dubai bank accounts are not scrutinized for tax implications as they are in India. However, if the sender is a resident Indian, the source of funds could be questioned in India," says Vivek Jalan, partner, Tax Connect Advisory Services.

Remittance and purchase A resident Indian can acquire property abroad by remitting funds through the Liberalised Remittance Scheme (LRS) route. "Under LRS, all resident individuals, including minors, may remit up to $250,000 per financial year for permissible transactions, including buying property abroad. In the case of minors, the LRS declaration should be signed by the natural guardian," says Shefali Mudra, tax expert, ClearTax.

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Business Standard

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2 mins  |
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Nifty 50 may hit 27K by 2025-end: Goldman Sachs
Business Standard

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1 min  |
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°GST on health insurance needs to be reduced,
Business Standard

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2 mins  |
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Business Standard

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1 min  |
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Business Standard

Adani Green abandons $600 mn bond offering

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1 min  |
November 22, 2024
Business Standard

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Financial misconduct and corporate irregularities can impact the economy at large and come at the expense of shareholders and banks, cautioned Justice PS Dinesh Kumar, presiding officer of the Securities Appellate Tribunal (SAT), on Thursday.

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1 min  |
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Quant MF's big Adani bet may have sense of deja vu
Business Standard

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Quant mutual fund (MF) may have taken the biggest hit among fund houses from the slump in Adani group shares on Thursday.

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1 min  |
November 22, 2024
Business Standard

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1 min  |
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Premium Valuations may cap upsidesforlndian Hotels
Business Standard

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Indian Hotels (IH) has an ambitious strategy of doubling its hotel portfolio and is aiming for a 14 per cent annual revenue growth. The goals are achievable, given financial discipline and agility.

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3 mins  |
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Vedanta Resources defers dollar bond issue due to mkt volatility
Business Standard

Vedanta Resources defers dollar bond issue due to mkt volatility

Billionaire Anil Aggarwal's Vedanta Resources has deferred the company's $1.2 billion bond issuance following volatility in the market after US justice department, in a report, charged Gautam Adani and others with $250 million bribery. The Vedanta dollar bond issue was to be priced on Thursday.

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1 min  |
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