Indian_In_IT (Software Engg) 06 February 2020

Transfer of property in family

I legally bought an Apartment in Bengaluru registered under my Name in 2014

Now I am living abroad and after a few years of residence here I found out that I was supposed to declare that property in TAX assesment abroad as this country has some wealth tax laws on income/property worldwide.

Since I didn't declare it for a few years so technically I am at fault in this foreign land. Even though the pending tax amount would be negligible compared to what I pay but still a error in my reporting.

Options for me now:-

1) Apply for re-calculation of taxes which is a complex process here and can have impact of my residence permit in future.

2) Get rid of this property from my name.

I need your opinion on point 2.

Can I change the ownership name to my Wife, monther etc without getting involved into money trail ?

What is the process.

Does this require a re-registration of apartment with a new sale deed?

The property value when purchased is < 20 lakh and current market value after 5-6 years would be upto 30 lak only.

Thanks

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2 Replies

SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 08 February 2020

Please approach proper tax consultant in the country of your present residence where you are supposed to have declared the property in the tax return in that country. Do not worry, he/she shall guide you with what is to be done.

Dr J C Vashista (Advocate) 08 February 2020

It is advisable to consult a chartered accountant or taxation consultant for appreciation of facts/ documents, professional guidance and necessary proceeding.