{"id":4130,"date":"2023-04-16T17:00:35","date_gmt":"2023-04-16T11:30:35","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=4130"},"modified":"2023-04-05T16:54:28","modified_gmt":"2023-04-05T11:24:28","slug":"the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/","title":{"rendered":"The Biggest Mistake NRIs Make in Selling Property in India: Dealing with Black Money"},"content":{"rendered":"<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-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/#The_Biggest_Mistake_NRIs_Make_When_Selling_Property_in_India\" title=\"The Biggest Mistake NRIs Make When Selling Property in India\">The Biggest Mistake NRIs Make When Selling Property in India<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/#Hate_reading_Watch_the_video\" title=\"Hate reading, Watch the video \">Hate reading, Watch the video <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/#For_more_info_visit_https_aktassociatescomnri-lower-tds\" title=\"For more info visit\u00a0 https:\/\/aktassociates.com\/nri-lower-tds\/\">For more info visit\u00a0 https:\/\/aktassociates.com\/nri-lower-tds\/<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/#Consult_CA_Arun_Tiwari_for_more_info_%F0%9F%93%9E_8080088288_or_csaktassociatescom\" title=\"Consult CA Arun Tiwari for more info \ud83d\udcde\u00a0 8080088288 or cs@aktassociates.com\">Consult CA Arun Tiwari for more info \ud83d\udcde\u00a0 8080088288 or cs@aktassociates.com<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"The_Biggest_Mistake_NRIs_Make_When_Selling_Property_in_India\"><\/span><strong>The Biggest Mistake NRIs Make When Selling Property in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In India, it is not a hidden fact that in almost every deal people ask for some part of the payment in cash, also known as black money. While some may feel like they are saving on taxes or stamp duty, it is ultimately a lose-lose situation for both parties involved. In this article, we will explain why this is the biggest mistake NRIs can make when selling property in India.\u00a0<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Hate_reading_Watch_the_video\"><\/span><b>Hate reading, Watch the video <\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/AgXRCAJ4iKI\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Let us start by explaining the seller&#8217;s part. Most NRIs do not reside in India. Therefore, if someone pays them a significant amount of cash, such as 30-40 lakhs, and they do not have a reliable network of relatives or someone who can handle the cash on their behalf, it becomes challenging to handle such a large amount. In most cases, they will deposit the cash in their bank account. This is where the biggest mistake lies.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"For_more_info_visit_https_aktassociatescomnri-lower-tds\"><\/span><span style=\"font-weight: 400;\">For more info visit\u00a0 <\/span><a href=\"https:\/\/aktassociates.com\/nri-lower-tds\/\"><span style=\"font-weight: 400;\">https:\/\/aktassociates.com\/nri-lower-tds\/<\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4134 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/N-4.png\" alt=\"NRIs Selling Property in India\" width=\"1500\" height=\"844\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/N-4.png 1500w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/N-4-300x169.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/N-4-1024x576.png 1024w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/N-4-768x432.png 768w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Once you deposit the money in the bank, it becomes your &#8220;on record&#8221; money. Since the cash is from unknown sources, you cannot tell the income tax department that you have taken a part of the payment in black money for the sale of your property. Therefore, whatever income you put in the bank account becomes taxable at the highest tax rate. Additionally, there will be a penalty as well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, If you deposit 40 lakhs in cash, the government will almost certainly issue a notice because the monitoring systems in place track high-value transactions. The bank will report the transaction to the Reserve Bank of India and the income tax department. Once you receive the notice, you will have to explain the source of that income. Since you are an NRI and not doing any\u00a0<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Consult_CA_Arun_Tiwari_for_more_info_%F0%9F%93%9E_8080088288_or_csaktassociatescom\"><\/span><strong>Consult CA Arun Tiwari for more info \ud83d\udcde\u00a0 8080088288 or <a href=\"mailto:cs@aktassociates.com\">cs@aktassociates.com<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><a href=\"https:\/\/pages.razorpay.com\/akt-nri-tax-consulting\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4132 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/C-5.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/C-5.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/C-5-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">business in India, you cannot explain the source of the income. Therefore, it becomes an undisclosed income from an undisclosed source, which is taxable at the highest rate of 33%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, you will also be penalized for such income. The penalty can be up to 300% of the tax amount. For example, if you are charged 33 lakhs as tax on one crore, you will have to pay an additional 99 lakhs as a penalty. Therefore, if you deposit one crore, you will end up paying more than one crore as tax and penalty.<\/span><\/p>\n<p><a href=\"https:\/\/aktassociates.com\/nri-lower-tds\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4133 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/Are-you-planning-to-sell-property-in-India-3.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/Are-you-planning-to-sell-property-in-India-3.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/Are-you-planning-to-sell-property-in-India-3-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Some people may think that their CA, tax consultant, or lawyer has a high approach and can handle the situation. The authorities in Bangalore issue all notices, and no intermediary has the power to intervene. Therefore, it is always better to complete your sales transaction as white money because that is your hard-earned money.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">In conclusion, taking a part of the payment in black money is the biggest mistake NRIs can make when selling their property in India. It can lead to hefty penalties, legal procedures, and ultimately, <\/span><span style=\"font-weight: 400;\">paying more than what you would have paid in taxes. It is always better to stay on the right side of the law and complete your transactions as white money.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biggest Mistake NRIs Make When Selling Property in India In India, it is not a hidden fact that in &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"The Biggest Mistake NRIs Make in Selling Property in India: Dealing with Black Money\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/#more-4130\">Read more<span class=\"screen-reader-text\">The Biggest Mistake NRIs Make in Selling Property in India: Dealing with Black Money<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":4136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107,1],"tags":[184,169,98,172,171],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>&quot;The Biggest Mistake NRIs Make in Selling Property in India&quot;<\/title>\n<meta name=\"description\" content=\"NRIs selling property in India should avoid accepting payment in cash to avoid legal and tax penalties - By CA Arun Tiwari.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Biggest Mistake NRIs Make in Selling Property in India: Dealing with Black Money\" \/>\n<meta property=\"og:description\" content=\"NRIs selling property in India often make the mistake of accepting a part of the payment in cash, also known as black money. This becomes a problem as it is difficult to handle large amounts of cash, and depositing it in a bank account can result in hefty penalties and taxes. The income tax department will issue a notice and demand an explanation of the source of income, which can be difficult for NRIs who do not have a business in India. 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This becomes a problem as it is difficult to handle large amounts of cash, and depositing it in a bank account can result in hefty penalties and taxes. The income tax department will issue a notice and demand an explanation of the source of income, which can be difficult for NRIs who do not have a business in India. It is better to complete transactions with white money to avoid legal procedures and penalties.","og_url":"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/","og_site_name":"AKT Associates","article_published_time":"2023-04-16T11:30:35+00:00","article_modified_time":"2023-04-05T11:24:28+00:00","og_image":[{"width":500,"height":300,"url":"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/The-Biggest-Mistake-NRIs-Make.png","type":"image\/png"}],"author":"CA Arun Tiwari","twitter_card":"summary_large_image","twitter_title":"The Biggest Mistake NRIs Make in Selling Property in India: Dealing with Black Money","twitter_description":"NRIs selling property in India often make the mistake of accepting a part of the payment in cash, also known as black money. This becomes a problem as it is difficult to handle large amounts of cash, and depositing it in a bank account can result in hefty penalties and taxes. The income tax department will issue a notice and demand an explanation of the source of income, which can be difficult for NRIs who do not have a business in India. It is better to complete transactions with white money to avoid legal procedures and penalties.","twitter_image":"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/The-Biggest-Mistake-NRIs-Make-1.png","twitter_misc":{"Written by":"CA Arun Tiwari","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/#article","isPartOf":{"@id":"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/"},"author":{"name":"CA Arun Tiwari","@id":"https:\/\/aktassociates.com\/blog\/#\/schema\/person\/27565c59ca4857ec78a645bd21dca21d"},"headline":"The Biggest Mistake NRIs Make in Selling Property in India: Dealing with Black Money","datePublished":"2023-04-16T11:30:35+00:00","dateModified":"2023-04-05T11:24:28+00:00","mainEntityOfPage":{"@id":"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/"},"wordCount":542,"commentCount":0,"publisher":{"@id":"https:\/\/aktassociates.com\/blog\/#organization"},"image":{"@id":"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/#primaryimage"},"thumbnailUrl":"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/The-Biggest-Mistake-NRIs-Make.png","keywords":["black money in india","nri property","nri selling property in india","sale of property by nri","sale of property in india by nri"],"articleSection":["NRI"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/","url":"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/","name":"\"The Biggest Mistake NRIs Make in Selling Property in India\"","isPartOf":{"@id":"https:\/\/aktassociates.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/#primaryimage"},"image":{"@id":"https:\/\/aktassociates.com\/blog\/the-biggest-mistake-nris-make-in-selling-property-in-india-dealing-with-black-money\/#primaryimage"},"thumbnailUrl":"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/The-Biggest-Mistake-NRIs-Make.png","datePublished":"2023-04-16T11:30:35+00:00","dateModified":"2023-04-05T11:24:28+00:00","description":"NRIs selling property in India should avoid accepting payment in cash to avoid legal and tax penalties - 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