Sir,
I am an NRI .I own a residential property ( two storied house) in Kerala.The property (both floors) is occupied by me and my family.During construction and registration around 15 years back the house ( the land is single owner in my name - inherited from parent) was registered with two different house number with both houses in my name ;one for ground floor and another for first floor.
Both the floors are occupied by me and my family ( wife three children and me).
Kindly advise
1.If there is a tax implication as it is two houses ( based on two house numbers) even though not rented.
2.Can I transfer one to my wife's name ? Will there be any tax impact on me or my wife if the transfer is made likewise ?
Kindly reply
thanks and regards
Augustine Kachiramattam
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I work in Merchant Navy. In the new ITR 2 form of 2019. When we select NRI, there is two option. Which option should we use?1st option its asking Tax jurisdiction and TIN (we dont have TIN)
Second option its asking days stayed in India previous year and days stayed in India for last 4 years(We dont come into this category of 60 days in India in that year and 365 days in India for last 4 years to claim NRI status as we always manage to stay outside India for more than 183 days every year..
My query is after selecting NRI option in the ITR2 :
1)can I chose option 1 and mention tax jurisdiction is INDIA and TIN as Not applicable.
or
2)can I chose option 2 mentioning Indian citizen - days stayed in India for the financial year as 155 days(210 days outside India) and days stayed in India for last 4 years as Not applicable(Which is actually 600 days), or can i mention as it is as 155 days and 600 days respectively .Just for info,I have maintained my NRI status for last 10 years by staying out India for more than 183 days. Plz advise regarding which option to chose.Thanks
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Tax on residential property