Posted in Bangalore, banglore, Bank, Buy Real Estate, Gift deed, India, Indian Property, Indian Real Estate, Karnataka, Parent deeds, Property Registration, Real Estate, Registration, Residential Property, Sale Deed, Sale of Properties, tagged Bank, co-owner, Gift deed, Indian Property, Indian Real Estate, Loan, Property Registration, Residential Property, sale agreement, Sale Deed, tax benefit, taxation on October 27, 2009|
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Question asked by Srijith Menon from Bangalore, India:
Hi, I have purchased a flat in 2006 Nov taking a loan from ICICI bank where my wife is a co-applicant. But the registration was done only on my name since my wife was traveling overseas that time. Now from your columns I understand that to avail the tax benefit the co-applicant has to be the co-owner also. Can you please tell me the formalities & normal taxation / charges included in this procedure of re registering the sale agreement to make wife as the co-owner along with me. Since the original sale agreement is with the bank how do I retrieve it, will the bank allow me to take it out for doing this transaction or with out the original sale agreement, I can get this done (I have the duplicate copy of the sale agreement duly stamped & certified by the registrar with me)
Request you to clarify this so that both of us can avail the tax benefits.
Regards
Srijith Menon
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Posted in Bank, Buy Real Estate, Capital gains, FCNR Account, Indian Property, Indian Real Estate, Non Resident, NRE account, NRI, NRO account, PIO card, Property Registration, Real Estate, Registration, Repatriate, Residential Property, Sale Deed, Service Tax, tagged Capital gains, FCNR, immovable property, Indian Property, Indian Real Estate, NRE account, NRO account, PIO, repatriation, Residential Property, Sale Deed, tax compliance, taxation on October 24, 2009|
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Question asked by Mr. Shiva Badruswamy
from New York, USA:
Hello there:
Thank you for being very informative about real estate Indian laws. I am about to inherit a property in India worth roughly $1 million. I am a US Citizen of Indian Origin. I want to sell the property and bring the cash over to the US or buy another property in another country or invest in any security. What are the latest rules and what is the procedure to follow?
Best wishes,
Shiva Badruswamy
New York, NY, USA
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Posted in India, Indian Property, Indian Real Estate, tagged Foreign Income, Indian Tax, IRS, NRI taxation, tax Laws, taxation, USA on May 19, 2008|
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Answer from a Practising CPA in USA (Mr. Udai B Singh):
Question asked by Mr Rizvi from New York, USA:
Please can you help me with the following,
I have a rental property in India and I have been told that US TAx Laws allow me to deduct my foreign income upto some $80,000 per year. Can you tell me what form I need to use and if I need to do something on the Indian end?
Real Estate Legal Corner 