On Real Estate Consultancy

Yes. Rental income earned from a property situated in India is taxable in India. Similarly, capital gains arising from the sale of property located in India are taxable in India. An NRI/PIO/OCI may be required to obtain a PAN and file an Income Tax Return in India, subject to the provisions of the Income-tax Act, 1961.

India has entered into Double Taxation Avoidance Agreements (DTAAs) with several countries. Under most DTAAs, income from immovable property and capital gains arising from the sale of immovable property may be taxed in the country where the property is situated. Accordingly, rental income and capital gains from property located in India are generally taxable in India.

Yes. Where income earned in India is also taxable in the country of residence, an NRI may be eligible to claim credit for taxes paid in India, subject to the provisions of the applicable DTAA and the tax laws of the country of residence.

NRIs and OCIs may repatriate sale proceeds of immovable property outside India subject to the provisions of FEMA, RBI regulations, and applicable tax compliances. The extent of repatriation permitted depends on factors such as the nature of the property, source of acquisition funds, and compliance with prescribed documentation and tax requirements.

Yes, Under The General Permission Granted By The Reserve Bank, Property Other Than Agricultural Land/Farm House/Plantation Property Can Be Acquired By NRIs Provided The Purchase Consideration Is Met Either Out Of Inward Remittances In Foreign Exchange Through Normal Banking Channels Or Out Of Funds From The Purchaser’s NRE/FCNR Accounts Maintained With Banks In India And A Declaration Is Submitted To The Central Office Of Reserve Bank In Form IPI 7 Within A Period Of 90 Days From The Date Of Purchase Of The Property/Final Payment Of Purchase Consideration.

Yes. Under FEMA regulations, NRIs and OCIs are generally permitted to purchase commercial and residential properties in India. However, they are not permitted to acquire agricultural land, plantation property, or farmhouses in India, except in specific circumstances permitted under law.

Yes. Capital gains arising from the transfer of capital assets situated in India are taxable in the hands of NRIs. The tax treatment depends on factors such as the nature of the asset, period of holding, applicable tax provisions, and eligibility for exemptions under the Income-tax Act, 1961.