Budget 2024 Tax Proposals Impacting NRIs... All The Details Here
Вставка
- Опубліковано 9 лис 2024
- #nri #nrimoneyclinic #budget2024
You can reach to us by sending a message on WhatsApp
WhatsApp Number: 00971 551124596
Or click on the link below
wa.link/2jh25k
Services offered by NRI Money Clinic
Life & Critical Illness Insurance.
Child education
Emergency Funds
Retirement Plan
Health Insurance
Wealth Building
Tax planning ( investments to minimise tax impact)
Dollar investment ( Only for NRIs in Middle East and Africa )
Mutual Funds ( NRIs other than in US & Canada)
PMS ( Portfolio Management Service)
Fractional Real Estate
Cash flow planning (Pension, Guaranteed Return plan , Fractional real estate)
Tax filing and chartered accountant services. (Outsourced services)
Wills and inheritance planning. (Outsourced services)
Property record legal verification (Outsourced service)
Real Estate in Dubai (Outsourced service)
Real Estate in Mumbai and Goa (Outsourced service)
In case you are interested in using our services you can send a message on Watsapp:00971 551124596 or click on the link below
wa.link/2jh25k
To know more about our business and our business model please watch the below video
lnkd.in/g7cj2rgJ
Our Website: www.nrimoneyclinic.com
LinkedIn: / nrimoneyclinic
Facebook: / nrimoneyclinicofficial
Instagram: ...
Whatsapp: 00971 551124596
Or click on the link below
wa.link/2jh25k
I am NRI Moved to India. The taxes are Insane. All you earn for Goverment. Pay tax.. US is far more better Investment it seems
🤣 india has less taxes than usa also usa has reserve currency benefits
How is capital gains tax calculated for properties bought before 2001? Is it fair market value with indexation until 2001 and then no indexation benefits? How will older / ancestry properties sale be calculated
Very important change of Import Duty reduction in gold and silver was missed in the discussion. Why was it done and who it really benefits ? Households holding gold or gold bonds have lost money due to softening of gold prices which seems to be intentionally achieved through lowering of import duty (as sovereign gold bonds issued by the govt. come due for redemption in August)…
8th
The calculation was taken on the basis of 2001. Assume properties bought in 2010 and the property values have crippled. The new taxation is very expensive.
Hello Sriram, Now that the Capital gain is standardized at 12.5 %, what happens when an NRI tries to sell their apartment? Assuming, he has an earlier capital loss, can he still get a lower TDS deduction certificate through TRACES or standard 12.5% plus cess would be deducted and to be claimed back in returns?
Thank you very much for your valuable content 🙏
This feels like a pick pocketer has his/her hands deep in your pockets and keeps robbing your pocket. Be careful if they go deeper in your pocket they will have your (you know what 😂😂) in their hands soon
Keep on voting and crying! Many nationalities like Philippinos and Singaporeans can vote in their consulate. Singaporeans don’t pay taxes on income outside their country irrespective of their stay in their country. For NRIs, period of stay in India has been reduced to loose their NRIs status, making them liable to pay taxes on their salaries in UAE if their stay in India is extended by any emergencies. What’s meant by the clause NRIs should be staying less than total150 days during previous 5 years? Many NRIs got tax notices while they were stuck in India during COVID. NRIs can’t buy agricultural lands( heavy fines if tax department comes to know - any way you have to declare assets in tax returns), can’t get senior citizens benefits, there are many discriminatory clauses.
This budget is not about tax it’s about how to loot your wealth. Taxation on property without indexing is very bad idea for property investors.
Thanks for the valuable information.
Could you please clarify whether indexation and 12.5% options available for NRI's and OCI holders as proposed bills seem to refer to residents only?
THANKS
What happens to the debt mutual funds LTCG which were kept immune from the changes brought in a couple of years back
What happens if look sabha and/or Rajya sabha don’t pass this budget propsal.?
And if someone make a sake of property interim, will the pay capital gain taxes as per current proposal or the new one,if changed.?
So if ltcg from stocks of 2L (profit) has been realised in April and 1L tax free limit has been crossed already, how will tax on any ltcg realised after July calculated? ie. Will 25k be tax free or will 1.25L be tax free from the 2L already realised?
Since Indexation benefit will go away with the recent budget proposal, how would the purchase price be computed if it was purchased in the 1970's.
Indexation benefit removal is applicable from 2001 onwards
@@ajaykumar-banker So properties purchased before 2001 will be indexed and rate will be 12.5 % instead of 20%?
You can get valuation done for 2001
What about basic taxable limit difference between NRI and residents
"Tax clearances are already mandatory for non-residents and certain residents leaving India. The no liabilities certificate is mandatory for income tax, wealth tax, expenditure tax and gift tax. Now the government has extended the scope of this to tax liabilities under Black Money Rules, 2015. The tweak is to ensure that no one having tax liabilities under the Black Money rules will leave the country without a clearance from the authorities. However, the rules under Section 230 apply differently to residents and non-residents."
Is it mandatory for PIOs holding OCI to get this certificate on their every visit to India while leaving india ?
2 questions..
How to get Fair market value of Property that was built in 1982 and inherited in 2006….
And sold in 2024.???
Next..is there A surcharge and fess in the new budget .
And how much ?
The only option for middle class is to leave their jobs and take up farming since it's zero taxed!
How much TDS for selling property for NRI after new budget??
It’s reduced to 12.5%+surchage+cess
@@sriramrao2514 so when i sell my flat my buyer has to pay 12.5% as tds?
Mr.sriram ,do you think the president apply anything and advice changes.
What about TDS
what about Tax clearance certificate mandatory to leave India? whats that for?
How it will impact tax wise, If I sale inherited property build in 1969 , inherited in 2005 , got re-developed in 2015 ?
I think the indexation would be upto the year 2001 and after that Capital gain would apply from the rate prevailing on 2001 as the purchase price.
@@PratikAsher 🙏
Sir not discussed about debt mutual fund taxes.
Good video
This is the worst budget ever for investors. I have properties bought in 2009 and 2018. Both are affected by the removal of indexation and will cost me lakhs more.
CG BONDS ARE LIMITED TO 50 LAKHS ONLY .IS THERE ANY INCREASED?
Sir thanks for this video. LIC annuity are considered as pension scheme? Can a person avail standard deduction against LIC annuity income
What about LTCG tax on selling property by NRI?
Is it 23.94 or 14.90% TSD for selling flat (apartment) after new budget
please tell us, Is Tax Identification number for all OCI holders mandatory now?
I am Canadian citizen & OCI holder , now recently received an email asking for TIN to my banker in India ! Please answer !
Sir, any change in tax provisions for EPF withdrawal for NRIs
Sriram, how is 10 lacs - 3.63 becomes 5.37 lacs, should it not be 6.37 and 20% tax on that will be Rs 1.274 lacs whereas under new scheme 9 lacs will be taxed at 12.5% which is Rs 1.25 lacs. You can say they are nearly the same. But your assumption that the sale value is only 10x but in reality it is over 20x which changes the equation heavily.
If sale value is 20x, then definitely new rates will be beneficial @ 12.5% without indexation…
How often and where are we getting 20x appreciation on real estate assets?
That's perhaps applicable to politicians, goondas and powerful businessmen who may be able to buy lands at very low prices using all kinds of evil methods and then sell the same at exorbitant prices at opportune moments.
Especially, real estate in the form of apartments or even independent houses or villas tend to grow to some extent in the initial period, stagnate thereafter and start falling as the building gets older.
@@suryapushpa In the past (in 2001 till even 2010) a vast majority of the properties were registered only for guideline value while the market value was at least 1.5 to 2 times. When one sells the house in 2024 and insists on putting the full transaction value on the document, obviously the 10x from the earlier under value to the current market value is more. For being honest, the person who puts the full transaction value is punished with higher capital gains tax. How is this addressed? I do agree that even today many properties are being registered at guideline value only and people circulate cash. How is this new scheme helping to reduce cash circulation?
In Income tax return, in case of NRIs -
Do we need to show remittance of foreign money to an Indian savings bank account/NRE account?
Nri cannot have regular Indian savings accounts. NRIs can only hold NRO/NRE accounts in India.
Do NRI 's have to pay GST also on sale of property along with capital gains tax
No,GST is not applicable on sale of property. GST is applicable only when you buy under construction property
10 lakhs minus 3.60 lakhs is 6.4 lakhs and not 5.4 lakhs
Old capital gains rate….20% on 6.4 lakhs is…..1.28 lakhs
In the other case…gain is 9 lakhs
New capital gains rate 12.5% on 9 lakhs is 1.125 lakhs
Savings is 16000 Rs
You are missing indexation over inflation rate. In your case if the property valuation is calculated as 6 lakhs, then capital gain tax would have been applied only to the rest of 3 lakhs at the rate of 20% (as per indexation benefits which is now removed) which was just 6000 only, typically you are paying 16000, which means paying 10000 extra to government.
Hi, thanks for the insights its really helpfull.
I have one basic question.
I am an NRI with no Income in India but have investments in Debt Mutual Fund which is taxed at Slab Rate (both STCG and LTCG). I will not havr any Tax Liability since I would fall under 0% Tax Bracket and the TDS diducted by the AMC can be claimed and will be refunded.
Is that understanding correct ?
Thanks !
Yes
What about tax clearance certificate person leaving india?
Why are so many budgets in a year? There was already a budget in February 2024? Time wasting event
As NRI I have only equity earnings in India and no salary income. Assuming my income is 10 Lakh then will I get default 75k standard deduction and 1.25 Lakh capital gain allowance (total 2 Lakh) exemption then remaining 8 Lakh will be taxed at 12.5% as long term capital gain or with new tax regime I pay for first 7 Lakh 5% and remaining 1 Lakh at 10%? Please clarify
No standard deduction on equity gains and no basic slab exemptions on special rate of tax incomes… entire long term equity gain in excess of 1.25 L will be taxable…
nothing related to NRI...YZ
Very complex taxation $#%x+-/ 😢😂
Thanks to bjp regime, destroying NRI money and their contribution to India, and Nimmi
aunty was selling pickles I believe, we will call pickle budjet.
In this presentation it was made clear that NRI have not to pay any taxes on their taxable income up to 3 lakhs which was formerly 2.50 lakhs. However, what is tax exemption limit for Super senior NRIs ( 80 and above 80 years of age) is not informed to viewers. Will you provide this information for the benefit of Super senior NRIs ?
The Indexation impact seem to be deliberately not explained clearly, trying to give a neutral opinion on tax changes. Seems like you’re a BJP paid youtuber. Don’t listen or rely to his explanation and do your own analysis.
Bloody wrong explanation..
They're destroying NRIs
Isn’t it government begging?. 😢
Keep on voting and crying! Many nationalities like Philippinos and Singaporeans can vote in their consulate. Singaporeans don’t pay taxes on income outside their country irrespective of their stay in their country. For NRIs, period of stay in India has been reduced to loose their NRIs status, making them liable to pay taxes on their salaries in UAE if their stay in India is extended by any emergencies. What’s meant by the clause NRIs should be staying less than total150 days during previous 5 years? Many NRIs got tax notices while they were stuck in India during COVID. NRIs can’t buy agricultural lands, can’t get senior citizens benefits, there are many discriminatory clauses.
@@abiisaac1953true , double taxation, how would government get to know if you are liable to pay tax when you maintain the bank accounts in UAE and how would government of India monitor UAE ?. 😢 Indian income tax. Authorities has the control on UAE also ?
Most disappointing budget for the investors 🥲🥲🥲