What Every NRI Would Like To Know About Sale or Rent or Gift Of Immovable Property?

Previously , the FAQs published by Reserve Bank Of India on the subject of acquisition of immovable property in India was published here. The second in series is the frequently asked question regarding “transfer of properties by various mode like sale,gift etc.

Q.1 Can an NRI/ PIO/foreign national sell his residential / commercial property?
A.1. (a) [...]

Do The Capital Gains On Sale Of Residence Get Better Treatment Than Gains On Commercial Property?

I have recently sold my Commercial property for 31.5 lakhs which was purchased in 1999-2000 for 5 lakhs.According to my CA our capital gains comes around 15 lakhs & we have to pay 20% as a Long term capital gain tax.I want to have clarity on following points.
1:-Should I invest 15 lakhs in other property [...]

How Is The Stock Appreciation Rights Taxed?

I am working for an IT company head quartered in US, which has given me shares as part ESOP . It was granted to me in Aug 2001 @10$/share and as per company’s rule, 25% of granted share was vested in Aug 2002. Pls. remember when share was granted to me or vested, I didn’t [...]

11 FAQs Every NRI Should Know Before Acquiring Immovable Property In India!

The law regarding acquisition of immovable property are governed by Reserve Bank of India. It has put certain frequently asked question on its web site. Given below are the excerpt from those FAQs
Q.1 Who can purchase immovable property in India?A.1 Under the general permission available, the following categories can freely purchase immovable property in [...]

Why Is Pension Fund Investment Not A Great Tax Saving Move?

Under which section surrender value of pension plan is taxable ? Sanjay Chavan, Pune
The contribution in pension funds gives the investor deduction u/s 80CCC upto Rs 1,00,000 . However,the combined deduction under 80CCC + 80C + 80CCD is Rs 1,00,000.
Why is it not great tax saving ?
The scheme of pension funds of LIC or other [...]

Is Payment To US Based Writer Or Director By Animation Movie Producing Company Liable To TDS?

One of our clients is in to the business of producing animation films for which it enters into contracts with non resident US Individuals in various capacities as writer, director, distributor co-producers etc. Whether the payments to such individuals be considered as Technical Service Fees for TDS. If yes, then what rate should be charged [...]

Can You Deposit TDS /TCS Online ?

E- Payment of taxes were made mandatory for corporates & to those assessee to whom Section 44AB applies with effect from 01.04.2008. My question is that whether Payment of TDS will come under this or not and if TDS payments are to be made through E- Payment, then please the procedure involved. K.Muthuswamy, Chennai.
The wordings [...]

Should Tax Be Deducted From Frieght Paid To Non Resident Shipping Companies?

We ship our goods by sea and pay Ocean freight to shipping lines in INR. Do we have to deduct TDS from shipping lines? (They refuse so accept it because they say they are exempt from Income Tax in India) .Hirendra Vikani, Rajkot
First of all , the statement of the shipowner that they are exempt [...]

Can School Fee Treated As Perquisite Be Allowed Deduction U/s 80C ?

I am working in a school & getting 100% rebate on Tuition fee on my 2 children’s fee. The amount of rebate is added as a perquisite in my gross salary which increase the amount of TDS on salary but I am not getting the rebate of the same under section 80C why ?. I [...]

Is Distance Education Eligible For Deduction ?

Does a Distance learning course of Management via satellite also qualify for the aforesaid deduction? Rajesh ,HyderabadIs the tuition fees for M.B.A (Distance Education) paid for self is allowable for deduction u/s 80C of the Income Tax Act . Prem Kumar,ChennaiDo distance education fees gets IT exemption ? Ganesh R ,Banglore
Income tax Act provides [...]

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