{"id":1514,"date":"2019-08-23T11:00:14","date_gmt":"2019-08-23T05:30:14","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=1514"},"modified":"2020-02-17T12:27:24","modified_gmt":"2020-02-17T06:57:24","slug":"tax-implications-for-nri","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/tax-implications-for-nri\/","title":{"rendered":"Tax Implications for NRI : Investment, Sale of Property"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Under section 5 of the Income Tax Act, 1961, non-resident person is liable to tax on income which is received or is deemed to be received in India by or on behalf of such person, or income which accrues or arises or is deemed to accrue or arise to him in India.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Income tax is payable on the total income computed by the Assessing Officer under the provisions of the Income Tax Act 1961, regardless of whether a taxpayer is a resident taxpayer, a non-resident taxpayer, or a <a href=\"https:\/\/aktassociates.com\/blog\/nri-status-taxation\/\">non-resident Indian<\/a>.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1519 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Tax-implications-for-nri-Blog-image-29_08_2019.jpg\" alt=\"Tax implications for nri\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Tax-implications-for-nri-Blog-image-29_08_2019.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Tax-implications-for-nri-Blog-image-29_08_2019-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Tax-implications-for-nri-Blog-image-29_08_2019-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/tax-implications-for-nri\/#Investment_in_Property\" title=\"Investment in Property :\">Investment in Property :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/tax-implications-for-nri\/#Sale_of_Property\" title=\"Sale of Property :\">Sale of Property :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/tax-implications-for-nri\/#Long_Term_Capital_Gain\" title=\"Long Term Capital Gain:\">Long Term Capital Gain:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/tax-implications-for-nri\/#Short_Term_Capital_Gain\" title=\"Short Term Capital Gain:\">Short Term Capital Gain:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/tax-implications-for-nri\/#Tax_Savers_How_to_Save_Tax_on_sale_of_Long_Term_Capital_Asset\" title=\"Tax\u00a0 Savers (How to Save Tax on sale of Long Term Capital Asset):\">Tax\u00a0 Savers (How to Save Tax on sale of Long Term Capital Asset):<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/tax-implications-for-nri\/#A_Brief_Understanding_of_Above_Sections_are_discussed_below\" title=\"A Brief Understanding of Above Sections are discussed below:\">A Brief Understanding of Above Sections are discussed below:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/tax-implications-for-nri\/#Section-54\" title=\"Section-54\">Section-54<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/tax-implications-for-nri\/#Section-54EC\" title=\"Section-54EC\u00a0\">Section-54EC\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/tax-implications-for-nri\/#Section-54F\" title=\"Section-54F\">Section-54F<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Investment_in_Property\"><\/span><strong>Investment in Property :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">NRI can purchase any kind of Commercial, Residential\u00a0 &amp; Real Estate Property in India except Agriculture Land, Plantation &amp; Farm House subject to the provisions of the Foreign exchange Management Act (FEMA).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If Property is purchased from a person resident in India, u\/s 194IA of Income Tax act,1961, TDS should be deducted @1% of purchase value at the time of credit of such sum to the account of transferor OR at the time of payment in cash or draft or by any other mode, whichever is earlier if such sum exceeds Rs.50Lakh.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If Property is purchased from a non-resident person, Then, In case the NRI produce a declaration from his AO regarding the details of <a href=\"https:\/\/aktassociates.com\/blog\/issues-faced-by-the-nri-while-selling-the-property\/\">sale of property<\/a> then TDS should be deducted by the resident buyer on capital gains and not on sales consideration as per section 195 of Income Tax, act, 1961 however, it the buyer has to deduct the TDS on the sale consideration.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the case of the Long term, Capital gain property TDS should be deducted at 20% with applicable cess and surcharge.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the case of the Short term, capital gain property TDS should be deducted as per Income tax slab rates of the seller with applicable rates and surcharge.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">No tax is levied on property acquired by way of Inheritance.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sale_of_Property\"><\/span><strong>Sale of Property :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The proceeds from the NRI sale of the property will be taxed under head capital gains as per the <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-rules-for-nri\/\">income tax<\/a> act,1961.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The gain realized from the sale of the property will be categorized as long term capital gain and short term capital gain.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Long_Term_Capital_Gain\"><\/span><strong>Long Term Capital Gain:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Long term capital gain arises when the property is sold after a period of more than 24 months from the date of its acquisition. Long term capital gain is calculated as per below procedure<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">PARTICULARS<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rs.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">The full value of the consideration (i.e., Sales consideration of asset)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">xxx<\/span><\/td>\n<\/tr>\n<tr>\n<td><i><span style=\"font-weight: 400;\">Less<\/span><\/i><span style=\"font-weight: 400;\">: Expenditure incurred wholly and exclusively in connection<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0with the transfer of the capital asset (E.g., brokerage, commission,\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">advertisement expenses, etc.).<\/span><\/td>\n<td><span style=\"font-weight: 400;\">xxx<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Net sale consideration<\/span><\/td>\n<td><span style=\"font-weight: 400;\">XXXX<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Less: Indexed cost of acquisition<\/span><\/td>\n<td><span style=\"font-weight: 400;\">xxx<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Less: Indexed cost of improvement<\/span><\/td>\n<td><span style=\"font-weight: 400;\">xxx<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Long-Term Capital Gains<\/span><\/td>\n<td><span style=\"font-weight: 400;\">XXXX<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Indexed Cost of Acquisition is the cost raised by the Inflations in the value of asset calculated using cost inflation index notified by the central government.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Note:<\/strong> The benefit of Indexation is not available to Short Term Capital Asset.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Short_Term_Capital_Gain\"><\/span><strong>Short Term Capital Gain:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Short term capital gain arises when the property is sold before a period of 24 months from the date of its acquisition. Short term capital gain is calculated as per below procedure<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">PARTICULARS<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rs.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">The full value of the consideration (i.e., Sales consideration of asset)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">xxx<\/span><\/td>\n<\/tr>\n<tr>\n<td><i><span style=\"font-weight: 400;\">Less<\/span><\/i><span style=\"font-weight: 400;\">: Expenditure incurred wholly and exclusively in connection<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0with the transfer of the capital asset (E.g., brokerage, commission,\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">advertisement expenses, etc.).<\/span><\/td>\n<td><span style=\"font-weight: 400;\">xxx<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u00a0Net sale consideration<\/span><\/td>\n<td><span style=\"font-weight: 400;\">XXXX<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Less: Cost of acquisition<\/span><\/td>\n<td><span style=\"font-weight: 400;\">xxx<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Less: Cost of improvement<\/span><\/td>\n<td><span style=\"font-weight: 400;\">xxx<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Short-Term Capital Gains<\/span><\/td>\n<td><span style=\"font-weight: 400;\">XXXX<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Tax_Savers_How_to_Save_Tax_on_sale_of_Long_Term_Capital_Asset\"><\/span><strong>Tax\u00a0 Savers (How to Save Tax on sale of Long Term Capital Asset):<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Income tax act has provided certain exemptions for capital gains arising on sale of long term capital assets.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section -54- Exemption for capital gains arising on transfer of residential dwelling\/property.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section-54EC- Exemption for capital gains arising on transfer of long term capital asset.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section-54F- Exemption for capital gains arising on transfer of any long term capital other than a residential building.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"A_Brief_Understanding_of_Above_Sections_are_discussed_below\"><\/span><strong>A Brief Understanding of Above Sections are discussed below:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Section-54\"><\/span><strong>Section-54<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Sec-54 of Income-tax act,1961, provides an exemption for capital gains arising on transfer of residential house property if such sale proceeds are reinvested in acquiring another residential house property<\/span><\/p>\n<p><strong>Points to be noted:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Within a period of 1 year before or 2 years after the date of transfer of the old house, the taxpayer should acquire another residential house or should construct a residential house within a period of 3 years from the date of transfer of the old house. In the case of compulsory acquisition, the period of acquisition or construction will be calculated from the date of receipt of compensation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The exemption is limited to one residential house property purchased\/constructed in India, But, w.e.f from A.Y 2020-21, the Finance Act, 2019 has amended Section 54 to extend the benefit of exemption in respect of investment made in 2 residential house properties.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The exemption from sec-54 available if the amount of long term capital gains does not exceed Rs. 2 crores.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Section-54EC\"><\/span><strong>Section-54EC\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Sec-54EC of Income-tax act,1961, provides an exemption for capital gains arising on transfer of any long term capital asset if such long term capital gain is invested in any of the bonds of NHAI, REC, PFCL, IRFCL, and Bonds issued by any other authority notified by Central Government.<\/span><\/p>\n<p><strong>Points to be noted:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The capital gain should be invested in bonds within 6 months from the date of transfer of specified long term capital assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The lock-in period is 3 years up to A.Y.2018-19, (i.e., Bonds should be redeemed after 3years)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From A.Y. 2019-20 the lock-in period has been increased from 3 years to 5 years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The investment made by NRI in the specified bonds should not exceed Rs. 50 lakhs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">W.e.f 1st day of April 2019,<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The words any long term capital asset is substituted with land or building or both.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">w.e.f A.Y.2019-20 \u00a0 period in specified bonds is 5years.<\/span><\/p>\n<p><a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1517 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/TALK-WITH-EXPERT-FOR-NRI-TAX-Banner-image-29_08_2019-1.png\" alt=\"Tax implications for nri \" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/TALK-WITH-EXPERT-FOR-NRI-TAX-Banner-image-29_08_2019-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/TALK-WITH-EXPERT-FOR-NRI-TAX-Banner-image-29_08_2019-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/TALK-WITH-EXPERT-FOR-NRI-TAX-Banner-image-29_08_2019-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Section-54F\"><\/span><strong>Section-54F<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Sec-54F of Income-tax act,1961, provides an exemption for capital gains arising on transfer of long term capital other than <\/span><span style=\"font-weight: 400;\">residential property<\/span><span style=\"font-weight: 400;\"> if sale proceeds are invested in<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Purchase\/construction of Residential House Property\u00a0<\/span><\/p>\n<p><strong>Time limit:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">In case of a purchase \u2013within 1 year before or 2 years after the date of transfer of such asset<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case of Construction-with in 3 years after the date of such transfer<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Under section 5 of the Income Tax Act, 1961, non-resident person is liable to tax on income which is received &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Tax Implications for NRI : Investment, Sale of Property\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/tax-implications-for-nri\/#more-1514\">Read more<span class=\"screen-reader-text\">Tax Implications for NRI : Investment, Sale of Property<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":1518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax Implications on NRI | Investment | Sale of Property | AKT Associates<\/title>\n<meta name=\"description\" content=\"There is certain tax compliance that has to be followed by NRI on the purchase and sale of properties. 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