{"id":5550,"date":"2024-01-06T17:00:27","date_gmt":"2024-01-06T11:30:27","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=5550"},"modified":"2023-12-26T12:10:37","modified_gmt":"2023-12-26T06:40:37","slug":"why-nris-prefer-under-construction-properties","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/why-nris-prefer-under-construction-properties\/","title":{"rendered":"Why NRIs Prefer Under-Construction Properties: Taxation and Benefits Explained"},"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-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/why-nris-prefer-under-construction-properties\/#Introduction\" title=\"Introduction:\u00a0\">Introduction:\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/why-nris-prefer-under-construction-properties\/#Benefits_of_Buying_Under-Construction_Property\" title=\"Benefits of Buying Under-Construction Property:\u00a0\">Benefits of Buying Under-Construction Property:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/why-nris-prefer-under-construction-properties\/#Taxation_Aspects_of_Under-Construction_Property\" title=\"Taxation Aspects of Under-Construction Property:\u00a0\">Taxation Aspects of Under-Construction Property:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/why-nris-prefer-under-construction-properties\/#Capital_Gain_Account_and_Tax_Planning\" title=\"Capital Gain Account and Tax Planning:\u00a0\">Capital Gain Account and Tax Planning:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/why-nris-prefer-under-construction-properties\/#Selling_Under-Construction_Property\" title=\"Selling Under-Construction Property:\u00a0\">Selling Under-Construction Property:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/why-nris-prefer-under-construction-properties\/#Mistakes_to_Avoid_and_Precautions\" title=\"Mistakes to Avoid and Precautions:\u00a0\">Mistakes to Avoid and Precautions:\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/why-nris-prefer-under-construction-properties\/#Conclusion\" title=\"Conclusion:\u00a0\">Conclusion:\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><b><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-5553\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/2874961_8104-300x300.jpg\" alt=\"\" width=\"220\" height=\"220\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/2874961_8104-300x300.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/2874961_8104-1024x1024.jpg 1024w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/2874961_8104-150x150.jpg 150w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/2874961_8104-768x768.jpg 768w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/2874961_8104-1536x1536.jpg 1536w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/2874961_8104-2048x2048.jpg 2048w\" sizes=\"(max-width: 220px) 100vw, 220px\" \/>Introduction:\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In this article, we will delve into the reasons why non-resident Indians (NRIs) find under-construction properties so appealing. We&#8217;ll explore the taxation aspects involved and provide insights on how NRIs can navigate the intricacies of dealing with properties that are still in the construction phase. From lucrative pricing to tax benefits, we&#8217;ll uncover why NRIs are drawn to investing in under-construction properties.<\/span><\/p>\n<p><b>Why read when you can watch the video?<\/b><\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/7DafJLWmL4I\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Benefits_of_Buying_Under-Construction_Property\"><\/span><b>Benefits of Buying Under-Construction Property:\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When under-construction properties are launched, builders often offer attractive prices that are significantly lower than the market rate. This discounted pricing is intended to entice potential buyers and secure easy financing for the builder. For NRIs, this presents an opportunity to obtain a favorable deal and the flexibility to make staggered payments over a period of one to three years. By not having to pay the entire amount upfront, NRIs can manage their investments more efficiently.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5554\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/9750019_3272-scaled.jpg\" alt=\"\" width=\"700\" height=\"280\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/9750019_3272-scaled.jpg 2560w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/9750019_3272-300x120.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/9750019_3272-1024x410.jpg 1024w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/9750019_3272-768x307.jpg 768w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/9750019_3272-1536x614.jpg 1536w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/9750019_3272-2048x819.jpg 2048w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Taxation_Aspects_of_Under-Construction_Property\"><\/span><b>Taxation Aspects of Under-Construction Property:\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The taxation considerations for under-construction properties primarily come into play when selling the property and reinvesting the proceeds. When selling a property and planning to reinvest in another under-construction property, NRIs can benefit from certain tax exemptions. By reinvesting the capital gains, they can claim deductions and potentially eliminate or minimize their capital gains tax liability. However, it is crucial to note that the reinvestment must occur within a specific timeframe.<\/span><\/p>\n<p><b>Consult CA Arun Tiwari for more info at \ud83d\udcde\u00a0 8080088288 or <\/b><a href=\"mailto:cs@aktassociates.com\"><b>cs@aktassociates.com<\/b><\/a><\/p>\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-5350 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/06\/Consult-CA-Arun.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/06\/Consult-CA-Arun.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/06\/Consult-CA-Arun-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Capital_Gain_Account_and_Tax_Planning\"><\/span><b><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-5555 alignleft\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-01-162542.png\" alt=\"\" width=\"340\" height=\"223\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-01-162542.png 422w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-01-162542-300x197.png 300w\" sizes=\"(max-width: 340px) 100vw, 340px\" \/>Capital Gain Account and Tax Planning:\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">To facilitate the reinvestment process and take advantage of the tax benefits, NRIs should open a capital gain account. This account ensures that the funds from the property sale are held separately and can only be used for making payments to the builder. It is essential to keep in mind that the money cannot be used for any other purpose. Additionally, by maintaining a separate saving account within the capital gain account, NRIs can make periodic payments to the builder without any complications.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Selling_Under-Construction_Property\"><\/span><b>Selling Under-Construction Property:\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Tax Implications and Considerations: When selling an under-construction property, there are two scenarios to consider: selling before the property&#8217;s completion and selling after the property is fully constructed and possession is granted. Selling before completion requires careful taxation planning, as the capital gains will be calculated based on the sale of rights rather than the completed property itself. It is vital to understand that a property cannot be sold until it has been officially completed and possession has been handed over. Selling before the three-year mark can result in the forfeiture of earlier tax benefits, and the capital gains tax liability must be paid. Therefore, it is advisable to evaluate the tax implications thoroughly before deciding to sell an under-construction property.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Mistakes_to_Avoid_and_Precautions\"><\/span><b>Mistakes to Avoid and Precautions:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">One common mistake that buyers, including NRIs, make is avoiding property registration to evade stamp duty and registration charges. However, this practice can be highly risky and leaves buyers vulnerable to various issues. By not registering the property in their name, buyers relinquish their rights and protections. In case of builder bankruptcy or disputes, buyers may face significant financial losses. It is crucial to prioritize proper documentation and legal processes to safeguard investments and secure property ownership.<\/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-4867 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/N.png5664.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/N.png5664.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/N.png5664-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion:\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Under-construction properties offer NRIs several advantages, including attractive pricing, flexible payment options, and potential tax benefits. However, it is essential to carefully evaluate the taxation implications before selling such properties prematurely. By considering the potential loss of earlier tax benefits and the limitations on reinvestment, NRIs can make informed decisions.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction:\u00a0 In this article, we will delve into the reasons why non-resident Indians (NRIs) find under-construction properties so appealing. We&#8217;ll &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Why NRIs Prefer Under-Construction Properties: Taxation and Benefits Explained\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/why-nris-prefer-under-construction-properties\/#more-5550\">Read more<span class=\"screen-reader-text\">Why NRIs Prefer Under-Construction Properties: Taxation and Benefits Explained<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":5559,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[821,824,822,823],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why NRIs Prefer Under-Construction Properties | AKT Associates<\/title>\n<meta name=\"description\" content=\"Discover why Non-Resident Indians (NRIs) are drawn to under-construction properties. Explore the tax advantages and investment opportunities they offer.\" \/>\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\/why-nris-prefer-under-construction-properties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why NRIs Prefer Under-Construction Properties: Taxation and Benefits Explained\" \/>\n<meta property=\"og:description\" content=\"Discover why non-resident Indians (NRIs) are increasingly drawn to under-construction properties. From attractive pricing and flexible payments to tax benefits, this article unveils the reasons behind their appeal. 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