LawLoveLegal

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 ...

Delhi HC Grants Bail in High-Profile Fraud Case  Involving Rs 344 Crores Issue of the Case The key issue in this case is whether V Hans Prakash, accused in a high-profile fraud involving the alleged transfer of Rs 344 crores worth of mutual funds and securities, is entitled to bail pending trial. The primary concerns include the sufficiency of the evidence, the necessity of custodial detention, and the flight risk of the accused. Facts of the Case Background: The Delhi High Court recently granted bail to V Hans Prakash, who was accused in a significant fraud case involving the fraudulent transfer of mutual funds and securities worth Rs 344 crores held by Dalmia Cements Bharat Ltd. This decision was rendered by Justice Amit Mahajan on August 7. Details of the Allegation: - Companies Involved: Dalmia Cements Bharat Ltd, and its subsidiaries OCL India Limited and Dalmia Cement East Ltd, which had mutual fund investments managed by Allied Financial Services Pvt. Ltd (AFSPL). - Fraudul...