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When Non-Resident Indians (NRIs) sell property in India, they are liable to pay capital gains tax under Indian law. However, taxation doesn’t end there — the gains may also be subject to tax in their country of residence such as the United States, the United Kingdom, or Singapore . This makes it essential to understand how Indian tax law, international tax treaties (DTAAs), and constitutional safeguards work together. 1. Statutory Framework Governing Property Sale and Capital Gains a. Income Tax Act, 1961 The taxation of property sale by NRIs in India is primarily governed by the Income Tax Act, 1961 . Section 45 : Imposes tax on capital gains arising from the transfer of a capital asset. Section 48 : Provides for indexation of the cost of acquisition to adjust for inflation. Section 195 : Mandates Tax Deducted at Source (TDS) on payments made to NRIs for property transactions. Section 90 : Grants relief from double taxation through the Double Taxation Avoidance ...

BCI to Hold Meeting with UP Bar Association Leaders to  Resolve Ongoing Strike The Bar Council of India (BCI) has announced a joint virtual meeting to address the ongoing strikes by advocates, which have been disrupting judicial work across various districts in Uttar Pradesh. Call to End Strike The BCI has requested the High Court Bar Association of Allahabad High Court to recall the strike and resume court activities. The BCI expressed its commitment to addressing the grievances of the High Court Bar Association and emphasized the necessity of resolving these issues promptly. However, the BCI underscored that the continuation of the strike cannot be permitted. Meeting Details The virtual meeting is scheduled for Sunday, 14th July 2024, at 1:30 PM. The participants will include: - Office Bearers of the Bar Council of India - Office Bearers of the Bar Council of Uttar Pradesh - Office Bearers of the Prayagraj District Bar Association - Office Bearers of the High Court Bar Associatio...