US-Based NRI's are right now considering selling their property in India. They are ready to sell these at a discount price. The reason they are urging to sell their properties is, they have a fear that a new information-sharing protocol may bring their assets, bank accounts, mutual funds and capital market investments in India under the scanner of US tax authorities.


It has to be noted that recently India and USA agreed to implement the US Foreign Account Tax Compliance Act (FATCA). FATCA is a law which was aimed to ensure that tax is regularly paid based on the income generated from abroad.


And with respect to this agreement, they will share all information about citizens with assets in each other's countries. But this was not easy for Indian Government to identify property held by NRI's in India. In case of Mutual funds and bank accounts, they easily grab the details.


But they fail to do the same with assets and other robust details. Regarding this Chief Executive Officer Ashwin Chawwla said, "Some of these people are seeking more clarity on the issue. They are confused about what's happening and how to deal with it."



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Sekar Chandra

30/12/2015 08:00 AM