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 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 .