29 March 2011
One of the my client, Mr.X is indian citizen and since last year he is residing in aboard along with his faimly.
he has so many immovable property in india residential flats, office premises, non-agricultural plot of land etc different place of india. there are used for let out or personally used by his relatives.
as finalising the his account i has taken rent income as usual. deemed rent income on property used by his relatives.
now my query is what is tax obligation about non agricultural plot of land specially being a non resident income tax assessee. is there any provision???? as well as as per wealth tax??? can non resident indian hold these many property in india???? is there any provision as per FEMA ????? please help me.
30 March 2011
FEMA doesn't prohibit holding of any no. of properties by Indian citizen who may now be residing outside India.
Also provision of income tax shall apply exactly as on a resident as all the properties were purchased when the assessee was a resident and from Indian Rupees.
CAclubindia
