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Tax Details on purchase of Commercial Office for NRI's in India
16-Apr-2023 (In Tax Law)
I am an NRI planning to buy commercial office in Hyderabad which costs around 2 Cr Rs.I got around 1 Cr amount as gifts/borrowed from multiple family friends and relatives in USA. If I am transferring bulk amounts into my NRE Bank Account from US is there a chance that income Tax Dept may send notice regarding the source of funds in NRI account ? Do I need to pay any additional tax or submit any documentation to indian IT department if I am receiving gift amount from any of friends in USA ?
hi
In law, if you are a non resident, then you are liable to be taxed under indian income tax laws for any income/monies that are received by you overseas.
mere transfer from your overseas bank account to your NRE/ NRO account will not have any tax implications either.
In law, if you are a non resident, then you are liable to be taxed under indian income tax laws for any income/monies that are received by you overseas.
mere transfer from your overseas bank account to your NRE/ NRO account will not have any tax implications either.
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Adv. Rajagopalan
Hyderabad | 500+ Answers
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