7,500 people looking to buy expensive house in Dubai, Income Tax Department

7,500 people looking to buy expensive house in Dubai, Income Tax Department

Inkam Tax Department has started investigations against at least 7,500 Indians who have bought expensive assets in Dubai over the past few years. Inkam Tax Department’s Intelligence and Criminal Investigation (I & CI) branch has obtained data from Indian nationals who have invested in real estate in Dubai. Also overseas sources of such investment funds are also investigating the sources. According to the Indian Express, the tax authority is also investigating whether these real estate assets acquired by those Indians have been declared their tax agency or not. According to Dubai Land Development, at least 1,387 Indian nationals have invested in Dubai in the first three months of 2018. They have invested around 1,550 real estate transactions in Dubai and invested around 3 billion dillers. In 2017 alone, Indian investors had invested 15.6 billion dinar in Dubai. According to Dubai Land Development data, between five and five years between 2013 and 2017, Indian nationals have purchased 83.65 billion dinar properties in Dubai.

It is not illegal to keep property abroad:

Under Indian laws, property ownership in India is not illegal in Dubai. According to the 1999 Foreign Exchange Management Act, resident and non-resident Indians are allowed to hold fixed assets abroad. The Reserve Bank of India allows an individual to invest up to $ 250,000 annually in the form of assets and securities in foreign countries. However, according to the Indian Tax Rules, it is also necessary for the residents of India and the general population to disclose their foreign assets in the IT returns under the Foreign Property Schedule since the financial year 2011-12.

Twelveth pass and are looking for a job, then there will be no better chance.

7,500 people looking to buy expensive house in Dubai, Income Tax Department

With the introduction of the Black Money (Unknown Foreign Income and Assets) Act (Black Money Act) in 2015, there is a provision to impose tax and penalty on non-disclosure of foreign assets.

7,500 people looking to buy expensive house in Dubai, Income Tax Department

Leave a Reply

Your email address will not be published. Required fields are marked *