The Risks for NRIs Selling Real Estate in India as Resident Indians

  • Temptation and Risk: NRIs may be tempted to declare themselves as Resident Indians for a straightforward 1%TDs deduction, avoiding the complexities tied to their actual status. However, this approach is fraught with risks, potentially leading to legal complications and financial
  • Compliance and Consequences:
    • Declaring incorrect residential status is not only a compliance issue but also contributes to the erosion of government tax revenue, attracting heavy fines and legal actions.
    • While the buyer is responsible for deducting TDS and depositing it against the seller’s PAN, it’s the seller’s duty to declare the correct residential status
  • Scrutiny and Repercussions:
    • Buyers may justify the 1% deduction under the belief they were dealing with a Resident Indian, based on provided KYC documents like Aadhar and PAN.
    • In case of scrutiny, NRIs cannot justify the misinformation, potentially facing legal actions under various sections of the Income
      Tax Act (such as 276C, 277, 271(1)(c)).

Advisable Actions for NRIs:

  • Legal Compliance:Always follow the law of the land and truthfully declare your correct residential status when selling property in India.
  • Professional Assistance:Engage with a reliable partner who can navigate the complexities of the process, ensuring 100% compliance and maximizing savings on sales proceeds.
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    Reach out today to learn how we can assist you in selling your property in India,
    ensuring a hassle-free and profitable experience.