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As regards the tax implications, there are cetin additional points requiring to be taken care; important of those, to be briefly stated, are:
1. Compliance with the TDS requirement of sec 194 IA of the IT Act.
2. NRI as a legal concept, is a special creature of the foreign exchange regulations of the GOI; however, for taxation purposes, including for sec 194IA purpose, the status – ‘resident ‘ or 'non-resident’, has to be ascertained as per / in terms of the tests laid down in sec 6, as applicable for the year of relevance; and on a ‘previous year to previous year basis.
3. One is aware of view held by a ‘law office’, in one’s opinion wrongly so, that so called NRI, for registration of a sale document to which he is a party, is not obliged / need not have to disclose his PAN ; and according to information, also the registering authority has not been objecting to non-disclosure of NRI’s PAN on the document. May be, lately, after the Revenue’ proactive steps taken, the till-then ongoing practice, for long, has been put an end to, once for all.
Some of the foregoing aspects may be found to have been discussed in the related material , available in public domain on the topic head of , inter alia, – sec 194 IA.
For More, Cross Refer Previous Posts related to the Topic.; for more, also go through the published articles on the related topic of, spl. law governing flats/apartments.
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