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Liberalised Remittance Scheme

Category: Remittance Date: 2020-09-30 07:39:14

The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Under the Foreign Exchange Management Act, 1999 (FEMA), which came into force with effect from June 1, 2000, all transactions involving foreign exchange have been classified either as capital or current account transactions. All transactions undertaken by a resident that do not alter his / her assets or liabilities, including contingent liabilities, outside I

Get Universal Account Number (UAN) Soon; Your EPF Money May Not Be Remitted In Its Absence

Category: Remittance Date: 2020-09-30 09:12:12

The Employees' Provident Fund Organisation has confirmed a deadline of November 15 for the employers to attain the Universal Account Number (UAN) of employees before filing their electronic-challan-cum return (ECR). This is the part of the implementation of the next version of the UAN or UAN 2.0. This in effect means that all the contributing members should have UAN, in the absence of which the employer will not be able to remit the dues in respect of these members. (PT

5 Smart Things To Know About Liberalised Remittance Scheme (LRS)

Category: Remittance Date: 2020-09-30 09:40:37

1. The government of India has provided LRS as a window to remit money across the border without taking special permission. 2. One can freely remit an amount of $250000 within the LRS Limit for every financial year for an acceptable set of current or capital account transactions. 3. The scheme is applicable to all the resident individuals including the minors. The scheme is not accessible to the corporate, partnership firms, HUF and trusts. 4. Remittanc

India Parliament Imposes New Tax On NRI Remittance Fees

Category: Remittance Date: 2020-10-01 06:49:05

New rules pave the way for 12.36% service tax on the fees paid by the NRIs for the remittances. In Abu Dhabi, a new service tax rule was passed by the Indian parliament is not meant to excise a service tax on the remittances to India made by the Non Resident Indians (NRIs). The new rules passed by the parliament last month will pave the way for excising 12.36 % of the service tax on the fees paid by the NRIs sending money to their country, said Sach

Repatriation

Category: Remittance Date: 2020-10-01 09:11:13

One of the most important concerns for an Non-resident Indian (NRI) or even an Returning Non-resident Indian (RNRI) is whether he will be able to take the funds/assets from India to offshore countries. Major transactions undertaken in a lifetime -such as selling a property, inheritance, overseas education, health services, investments among others must be reviewed for tax & legal implications & from the repatriation point of view. Ideally, the plan will be upda

Returning NRI

Seafarers

NRIs

Remittance

Will

Property Sale

Notice

Legal

Property Purchase

Investment

VALUATION

REPATRIATION

PROPERTY

OTHERS

FAQ

When are the provisions of the Valuation Rules applicable?

The provisions of the Valuation Rules are applicable only when,

(i) consideration not in money terms which is either wholly or partly;
(ii) parties are relevant or supply by any stated category of supplier; and
(iii) transaction value is not reliable to be declared.

What does a property valuation
require?

During a property valuation, a valuer should inspect the property physically, measure the land and adequately verify it against the title or plan of subdivision. The appointed valuer will measure the house physically, taking a description of its condition and improvements, taking a photo and review a minimum of three proportionate sales from which to conduct a sales inquiry. This information is further used to regulate the value of the property and then the valuer will prepare a written report depending on his/her findings.

What are the key factors that contribute to a property’s value?

The key factors that contribute to a property’s value are dependent on the land, size, location, topography, shape and aspect can, in some instances, accounts for up to 70% of a property’s value. Also the land component will acknowledge where building structures will always deteriorate. The other factors that can influence the value of the property includes architectural style and uniqueness, design and layout, potential for the future development or renovation, the number of bedrooms and bathrooms, and the quality of the

Other factors which can influence the value of a property include architectural style and uniqueness, design and layout, potential for future development or renovation, the number of bedrooms and bathrooms, and the quality of equipments and fittings, just to mention a few.

Is contract price not sufficient to determine valuation of supply?

Contract price is more accurately referred to as the transaction value and that is the basis for enumerate the tax. Therefore, when the price is determined by the factors such as relationship of the parties or where assertive the transactions are assumed to be supply, which do not have a price, the value has to be settled in conformity with the GST Valuation.