My son a non-resident Indian holding Indian Citizenship. He continues to live in Singapore for the past 8 years visiting India for less than 30 days in a year. He sold his flat in Chennai in July 2014 and used the money to buy an apartment in SG. He does not have any income in India excepting one or two bank FDs of 1 or 2 L each. The questions are: 1. Is he required to declare the capital gain of the sale and pay tax for that amount ? 2. Is he required to file nil returns every year to IT department in India ? 3. He does not have Aadhaar card. How can he file his returns if he is required to do so ?
The last time he filed his returns in India is 2008 the year he left India. Is he required to file NIL returns for the years since then ?
1. Yes, he was required to declare capital gain in his return if income.
2. No, if he does not have income more than 2.5 lacs, he need not to file return in India
3. NRIs are not required to have Aadhar while filling return.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
He was chargeable to capital gains tax in the year 2014.
There is no need to file NIL returns.
There is no requirement of Aadhar card for NRIs.
Hi,
1. Yes, capital gains arising out of the sale of the house in India should be declared by filing a return of income. Tax will have to be paid accordingly. Since it was sold in July 2014, the due date has gone by.
2. Till FY 2016-17, you need not file NIL returns. However, from FY 2017-18, you will have to compulsorily file a NIL return of income.
3. He will have to apply for an Aadhar card the next time he is India so that he can file a return of income from next year.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
Hello,
1. Yes, he is required to declare the capital gain.
2. It is not mandatory but preferable to file Nil returns.
3. NRI can file a return even without an Aadhaar.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
