Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Latest Circulars »
Open DEMAT Account in 24 hrs
 60 LPA Opening Director/ Partner - Corporate tax
 Premature redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for premature redemption due on May 30, 2023 (Series I of SGB 2015)
 RBI approves the voluntary amalgamation of Maratha Sahakari Bank Ltd., Mumbai (Maharashtra) with The Cosmos Co-operative Bank Limited, Pune (Maharashtra)
 Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 Padmashri Dr. Vithalrao Vikhe Patil Co-operative Bank Limited, Nashik, Maharashtra Extension of Period
 Master Circular Basel III Capital Regulations
 Report on Currency and Finance (RCF) for the year 2022-23
 Amendment to the Master Direction (MD) on KYC
 Future-Proofing the Indian Financial System (Inaugural Address by Shri Shaktikanta Das, Governor Reserve Bank of India - April 27, 2023 - Delivered at the Global Conference on Financial Resilience organised by the College of Supervisors in Mumbai)
  RBI Working Paper No.05/2023: Reading Consumers Minds - An Analysis of Inflation Expectations
 Annual Closing of Government Accounts Transactions of Central / State Governments Special Measures for the Current Financial Year (2022-23)
 Directions under Section 35 A read with section 56 of the Banking Regulation Act 1949 (As Applicable to Co-operative Societies) Pune Sahakari Bank Ltd., Shivajinagar, Pune

Acquisition/Transfer of Immovable property Payment of taxes
November, 21st 2014

RBI/2014-15/307
A.P. (DIR Series) Circular No. 38

November 20, 2014

To

All Category – I Authorised Dealer Banks

Madam/ Sir,

Acquisition/Transfer of Immovable property – Payment of taxes

Attention of Authorised Dealers in Foreign Exchange is invited to Foreign Exchange Management (Acquisition and Transfer of immovable property in India) Regulations, 2000 notified vide Notification No. FEMA 21 /2000-RB dated 3rd May 2000 as amended from time to time.

2. It has been observed that doubts persist in the members of public regarding requirement of payment of taxes while undertaking property transactions under these regulations.

3. In this connection, it is clarified that transactions involving acquisition of immovable property under these regulations shall be subject to the applicable tax laws in India.

4. Reserve Bank has since amended the Principal Regulations through the Foreign Exchange Management (Acquisition and Transfer of immovable property in India) (Amendment) Regulations, 2014 notified vide Notification No. FEMA.321/2014-RB dated September 26, 2014 c.f. G.S.R. No.733(E) dated October 17, 2014.

5. Authorised Dealers may bring the content of this circular to the notice of their constituents concerned.

6. The directions contained in this circular have been issued under Section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.

Yours faithfully

(C D Srinivasan)
Chief General Manager

Home | About Us | Terms and Conditions | Contact Us
Copyright 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting