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 ...

The Indian government has permitted manufacturers, packaging firms, and importers to revise the Maximum Retail Price (MRP) of unsold stock to reflect the recently announced GST reforms. The revision will be allowed until 31 December 2025 or till stocks last—whichever is earlier. Transparency in Price Revision Union Minister for Consumer Affairs, Food, and Public Distribution, Pralhad Joshi , clarified that the revised prices must reflect only GST changes . Importantly, the old MRP must remain visible on the packaging. Any increase or decrease in price should directly correspond to GST rate revisions, ensuring that companies do not exploit the reform to arbitrarily increase prices. This safeguard, Joshi stated, is aimed at transparency and protecting consumer interests . Guidelines for Implementation According to the Ministry of Consumer Affairs notice: The new MRP can be stamped, stuck, or printed on the packaging. Overwriting is not allowed ; the original MRP must re...