Selling property in India

Hi it's possible to work out that structure but need following information for same

- jantri rate prevailing of property

- Total sale amount of property

- you have NRO account and ypur mother have saving account or not

It is a sale of rights in a property. Sale of rights in a property is treated as capital assets. Capital assets are further classified as short term and long term basis on the holding period of such assets. If you sell the rights after holding them for more than 36 months then it would be treated as long term otherwise short term. As you are planning to sell it before 36+ months, short term capital gain/loss would arise. If it is a short term capital loss then no tax would be payable and it can be setoff and carry forward. If it is a short term capital gain then tax would be payable at slab rates of an individuals. As you are NRI, buyer would be liable to deduct minimum TDS@31.2% unless you apply for lower deduction certificate. Exemption from gain is available against long term capital gain only. Payment to resident attracts TDS@1% is value of consideration payable to resident is Rs.50 lac or more

For detailed discussion you may opt for phone consultation

To sell your under-construction property in India (held for less than a year) and move the funds overseas as an NRI, follow these steps:

Key Considerations

1. 
   Short-Term Capital Gains:

   • Taxed at applicable individual slab rates.
   • Buyer must deduct TDS at 31.2% for NRIs.

Steps to Minimize Tax

1. Apply for Lower TDS Certificate:

   • Apply under Section 197 to reduce the TDS rate.

2. Set Off Short-Term Capital Loss:

   • Offset any short-term capital losses against gains to reduce tax.

Repatriation of Funds

1. 
   Deposit Proceeds in NRO Account.
2. 
   Repatriation Process:

   • Repatriate up to USD 1 million per financial year.
   • Submit Form 15CA and 15CB certified by a CA.

Best regards,

For detailed, personalized advice, consider a phone consultancy.

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.

Thank you.

Shubham Goyal

Lower TDS Certificate Application Process

1. Eligibility:

   • Verify you need a lower TDS rate due to a lower applicable tax rate.

2. Documents Needed:

   • PAN Card
   • Latest ITR
   • Property sale details
   • Bank statements
   • Capital gains calculation

3. Apply on TRACES:

   • Log in to TRACES.
   • File Form 13.
   • Submit documents and form online.
   • Follow up with the Assessing Officer.

Filing Forms 15CA and 15CB for Repatriation

1. Form 15CB:

   • Engage a CA.
   • Provide necessary documents.
   • CA prepares and certifies Form 15CB.

2. Form 15CA:

   • Log in to Income Tax e-Filing Portal.
   • Select and fill Form 15CA.
   • Submit it online.

3. Submit to Bank:

   • Provide certified Form 15CB and Form 15CA to your bank.
   • Bank processes the repatriation.

Additional Notes

• 
  Repatriation Limit: Up to USD 1 million per financial year.
• 
  Plan Ahead: Start the process early to avoid delays.

Best regards,

For detailed, personalized advice, consider a phone consultancy.

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.

Thank you.

Shubham Goyal