Real Estate India, Residential Commercial Real Estate Properties India

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? An experienced and Practising CPA from USA - Mr. Udai B Singh Answers: Answer from a Practising CPA in USA (Mr. Udai B Singh): Law is this>>> Foreign earned income upto $86k (or so) is tax free provided the person lived in foreign country and earned his livelihood while working there for at least 330 days. Refer Form 2555 for more details. Rest all income is taxed. Also, if the person does not qualify based on number of days presence in foreign country, income is again taxed in full, however, taxes paid on that income in foreign country could be claimed on US taxes on Form 1116. Thanks. Regards, UB http://www.atoneplace.com For more information, kindly visit at R...

Question asked by Divya from Banglore: Respected Mam, My name is Divya k c, I'm basically from Kerala and I'm currently living in Bangalore. I am currently in need of a Legal consultation and support from a Real Estate expert lawyer in India who could help us with our current situation. Myself Divya k c, my Husband Sinoj Nair who too lives here in Bangalore have bought an Appartment in Bangalore, from the Multi Group Builders. The size of the land is 1350 sqft approximately .After registering the appartment to our individual names in late 2007 ,we singed a construction agreement with the promoter to build and deliver the house to us. We have financed the appartment through housing loans. The builder is now close to handing over the possession of the properties and there is one issue at this point. 1) There has been around 3-4 Lakhs that's been collected by the promoter for each of these properties towards Sales & Service Taxes. This community development at the curre...

Question asked by Rajesh Padmanabhan from Los Angles, California: Hello Vatsala Madam, My name is Rajesh Padmanabhan, I'm basically from chennai and I'm currently living in Los Angeles as an NRI. I currently in need of a Legal consultation and support from a Real Estate expert lawyer in India who could help us with our current situation. Myself Rajesh Padmanabhan, my brother Mohan Padmanabhan who too lives here in CA are and our Mother Meera Padmanabhan who is living in chennai have bought individual homes in a Gated community in chennai outskirts, the gated community is called PARSN's "RENASCENCE" and it has been promoted by Parsn Urban Development Ltd. 129 Parsn Villa, Luz Church Rd., Chennai, , India ()4424991734, 4424995988 fax, http://www.parsn.com The size of the land of each of this three individual house is varying in size from 2200 sqft - 3000 sqft approx. After registering the land from the promoter Parsn to our individual names in early 2006 through ou...

Question asked by Divya k c from BangaloreUS: Respected Mam, My name is Divya k c, I'm basically from Kerala and I'm currently living in Bangalore. I am currently in need of a Legal consultation and support from a Real Estate expert lawyer in India who could help us with our current situation. Myself Divya k c, my Husband Sinoj Nair who too lives here in Bangalore have bought an Appartment in Bangalore, from the Multi Group Builders. The size of the land is 1350 sqft approximately .After registering the appartment to our individual names in late 2007 ,we singed a construction agreement with the promoter to build and deliver the house to us. We have financed the appartment through housing loans. The builder is now close to handing over the possession of the properties and there is one issue at this point. 1) There has been around 3-4 Lakhs that's been collected by the promoter for each of these properties towards Sales & Service Taxes. This community development at the c...

Question asked by Mr Rajesh Padmanabhan: My name is Rajesh Padmanabhan, I'm basically from chennai and I'm currently living in Los Angeles as an NRI. I currently in need of a Legal consultation and support from a Real Estate expert lawyer in India who could help us with our current situation. Myself Rajesh Padmanabhan, my brother Mohan Padmanabhan who too lives here in CA are and our Mother Meera Padmanabhan who is living in chennai have bought individual homes in a Gated community in chennai outskirts, the gated community is called PARSN's "RENASCENCE" and it has been promoted by Parsn Urban Development Ltd. 129 Parsn Villa, Luz Church Rd., Chennai, , India ()4424991734, 4424995988 fax, http://www.parsn.com The size of the land of each of this three individual house is varying in size from 2200 sqft - 3000 sqft approx. After registering the land from the promoter Parsn to our individual names in early 2006 through our PoA and then we singed a construction agreem...

Question asked by Chetan from Dallas, Texas: Whether Service tax is liable under construction of complex service [section 65(zzzh)] on builder, promoter, developer or any such person— (a) Who gets the complex built by engaging the service of a separate contractor, and (b) Who builds the residential complex on his own by employing direct labour? Vatsala Answers: Clarification a) In a case where the builder, promoter, developer or any such person builds a residential complex, having more than 12 residential units, by engaging a contractor for construction of the said residential complex, the contractor in his capacity as a taxable service provider (to the builder/Promoter/developer/any such person) shall be liable to pay Service tax on the gross amount charged for the construction services under construction of complex service [Section 65(105)(zzzh) b) If no other person is engaged for construction work and the builder/promoter/developer/any such person undertakes construction works on h...

Question asked by Mr Rahul Saraswat from US: I booked a flat 18 months back. The flat is now ready for possession; I need to do registration of the flat. Can you please suggest whether the Service tax and VAT are applicable to me? Do i need to pay service tax to the builder? There are 56 flats in this complex. Mr. Rahul Saraswat, USA Vatsala Answers: In majority of cases, service tax and VAT will be applicable. It does not depend only on the number of flats but on whether the builder has outsourced the construction activity or not. Vatsala For more information, kindly visit at Real Estate India or Online Real Estate Video .

Question asked by Dinesh: I am looking to buy a property from a builder in Bangalore. The builder has added single window charges, which include * Bangalore Water and Sewage Supply Board * Karnataka Electricity Board * Sales Tax - Taxes as applicable for sale of the property * Service Tax - As applicable5. Legal Charges - Charges for stamp paper, legal fees etc. My question is… why is the builder charging sales tax and service tax both? Also are there any other charges that will come to me later, other than those mentioned? Vatsala Answers: It has recently been clarified that service tax is not applicable to builders. Hence you no longer need to pay service tax on your apartment. You may have to watch out for khata transfer fee, car parking charges, maintenance charges, club house fees, Association formation charges, etc., These can be clarified at the time of signing the agreement. For more information, kindly visit at Real Estate India or Online Real Estate Vide...