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Nris and agricultural land holdings

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Wellsfargo
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Username: Wellsfargo

Post Number: 1733
Registered: 06-2012
Posted From: 49.205.74.253

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Posted on Thursday, July 10, 2014 - 07:15 am:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Reddit:

six years daka they can investigate.



Investigate chesi emi chestaru. I mean fine vesthara or 6% immantara?


Reddit:

If you can prove how you have accrued so much cash on hand you can reconvert it back but the catch is if you are getting it through business then neku iche vadi deggara kuda vadi books lo reflect avvali.




salary ne le. so not an issue. kaani paina question answer batti idi cash in hand kinda declare cheyyalo cheyya koodado chooddamani. Intha money nenu white nundi teesukoni karchu petta(regular expenses and properties konna. vatillo govt value tesesthe migilindantha black ee kada). so idi nenu malli white chesuko vacchu technical gaa. kaani white chesukunte wealth tax vallu book chestara ani question.
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Reddit
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Username: Reddit

Post Number: 6447
Registered: 05-2013
Posted From: 122.175.11.30

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Posted on Thursday, July 10, 2014 - 07:01 am:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Wellsfargo:

Reddit bhayya, oka vela wealth tax assalu kattaka pothe mottam back track chesi anni years kattisthara.. penalities emanna untaya.


six years daka they can investigate.

Wellsfargo:

Nenu last 10 years lo oka 1.5 crore daka white money ni unaccounted gaa kharchu chesa (plots lo money paid over market value, monthly expenses as I rented the house from a relative without any paper work and all the utility bills were paid on his name, buying gold etc). Ivanni malli white loki convert cheseyyocchu anukuntunna malli saying that this is cash on hand. cash on hand ani chepthe just ee year ki cheppala or sampadinchi nappati nundi cheppala?


If you can prove how you have accrued so much cash on hand you can reconvert it back but the catch is if you are getting it through business then neku iche vadi deggara kuda vadi books lo reflect avvali.
Spend less time trying to be brilliant and more time trying to avoid obvious stupidity.
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Wellsfargo
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Username: Wellsfargo

Post Number: 1727
Registered: 06-2012
Posted From: 49.205.116.106

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Posted on Wednesday, July 09, 2014 - 11:23 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)

Non performing assets meeda ne tax wealth calculate chestaru. Agricultural lands cover avvavu wealth tax lo. Residential lands, gold, cash at hand, car lantivi matrame choostharu.

Reddit bhayya, oka vela wealth tax assalu kattaka pothe mottam back track chesi anni years kattisthara.. penalities emanna untaya.

Nenu last 10 years lo oka 1.5 crore daka white money ni unaccounted gaa kharchu chesa (plots lo money paid over market value, monthly expenses as I rented the house from a relative without any paper work and all the utility bills were paid on his name, buying gold etc). Ivanni malli white loki convert cheseyyocchu anukuntunna malli saying that this is cash on hand. cash on hand ani chepthe just ee year ki cheppala or sampadinchi nappati nundi cheppala?
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Reddit
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Username: Reddit

Post Number: 6381
Registered: 05-2013
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Posted on Wednesday, July 09, 2014 - 05:14 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Chillarodu:

http://www.thehindubusinessline.com/features/know-all-about- wealth-tax/article5840450.ece


check with any ca h'll clarify. I've got it done so I know the information first hand. Gold valuation deggara chala problem ayyindi
Spend less time trying to be brilliant and more time trying to avoid obvious stupidity.
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Reddit
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Username: Reddit

Post Number: 6379
Registered: 05-2013
Posted From: 122.175.11.30

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Posted on Wednesday, July 09, 2014 - 05:11 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Chillarodu:

I don't think that works? Where do they get the Market value?
It is not documented in any sale. If similar land next to your property was sold then the parties involved will have the purchase and sale document with registration value. Rest would be dealt in black money.


True value of the property is taken into consideration not the sale deed value and there are IT certified valuators who will do it.
Spend less time trying to be brilliant and more time trying to avoid obvious stupidity.
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Chillarodu
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Post Number: 6210
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Posted From: 128.103.224.124

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Posted on Wednesday, July 09, 2014 - 05:07 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Reddit:

query lenantha varaku you can do whatever but oka sari query padithe matram they will calculate as per the market value.




I don't think that works? Where do they get the Market value?
It is not documented in any sale. If similar land next to your property was sold then the parties involved will have the purchase and sale document with registration value. Rest would be dealt in black money.
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Bhadram
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Username: Bhadram

Post Number: 767
Registered: 05-2014
Posted From: 24.114.75.222

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Posted on Wednesday, July 09, 2014 - 05:02 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)

Already unte Paristhiti emiti ?
Spend less time trying to be brilliant and more time trying to avoid obvious stupidity
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Reddit
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Post Number: 6375
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Posted on Wednesday, July 09, 2014 - 04:57 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Chillarodu:

registration value kadha vundali not the market value.


query lenantha varaku you can do whatever but oka sari query padithe matram they will calculate as per the market value. Even gold kuda current price tho compute chestharu
Spend less time trying to be brilliant and more time trying to avoid obvious stupidity.
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Chillarodu
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Post Number: 6209
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Posted on Wednesday, July 09, 2014 - 04:49 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Reddit:

India lo personal assets 30 lakhs lekunda OCs evaru vuntaaru vayya ?




registration value kadha vundali not the market value.
Right now CBN is planning to raise the registration value for all lands in AP so that they will be close to market value.
idhi jarigithe almost everyone who owns agricultural land in krishna and guntur dt has to pay wealth tax
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Emc2
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Username: Emc2

Post Number: 27903
Registered: 03-2008
Posted From: 128.229.4.2

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Posted on Wednesday, July 09, 2014 - 04:27 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)

care full guys ,MRO office lo pani leni M gallu chala mandi untaru,

ilantivi kelukuthu untaru..
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Reddit
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Post Number: 6370
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Posted on Wednesday, July 09, 2014 - 04:00 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Rajusk:

anyways..ghar me CA hai..if CA can handle this..


CA ney handle chesthaar
Spend less time trying to be brilliant and more time trying to avoid obvious stupidity.
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Rajusk
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Username: Rajusk

Post Number: 31742
Registered: 02-2008
Posted From: 170.74.55.80

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Posted on Wednesday, July 09, 2014 - 03:58 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Reddit:

Better take an opinion so that you are prepared if IT mama comes knocking




anyways..ghar me CA hai..if CA can handle this..
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Reddit
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Username: Reddit

Post Number: 6369
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Posted on Wednesday, July 09, 2014 - 03:57 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Rajusk:

book hogaye naa ustaad..deeniki kooda CA deggarake povalna ??


Better take an opinion so that you are prepared if IT mama comes knocking. :D
Spend less time trying to be brilliant and more time trying to avoid obvious stupidity.
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Rajusk
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Username: Rajusk

Post Number: 31741
Registered: 02-2008
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Posted on Wednesday, July 09, 2014 - 03:53 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Reddit:

India lo personal assets 30 lakhs lekunda OCs evaru vuntaaru vayya ? http://www.thehindubusinessline.com/features/know-all-about- wealth-tax/article5840450.ece




book hogaye naa ustaad..deeniki kooda CA deggarake povalna ??
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Reddit
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Post Number: 6357
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Posted on Wednesday, July 09, 2014 - 03:17 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Rajusk:

Wealth unnodine kada evadaina query chesedi..lenodine chesthe em vasthundi..


India lo personal assets 30 lakhs lekunda OCs evaru vuntaaru vayya ? http://www.thehindubusinessline.com/features/know-all-about- wealth-tax/article5840450.ece

Rajusk:

btw..gift registration anedi valid registration ae naa ? to sell in future ?


Gift deed registered ayithe valid for selling in future.
Spend less time trying to be brilliant and more time trying to avoid obvious stupidity.
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Rajusk
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Username: Rajusk

Post Number: 31739
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Posted on Wednesday, July 09, 2014 - 03:10 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Reddit:

Wealth tax kuda tega queries paduthunnayi naaku last year & this year for my brother.




Wealth unnodine kada evadaina query chesedi..lenodine chesthe em vasthundi..:D

btw..gift registration anedi valid registration ae naa ? to sell in future ?
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Reddit
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Post Number: 6354
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Wellsfargo:

source undalani telusu. Kaani 50 lakhs limit ekkada undi? I have not seen that anywhere


relevant clause kavali ante repu isthaanu but that rule is there. Wealth tax kuda tega queries paduthunnayi naaku last year & this year for my brother.
Spend less time trying to be brilliant and more time trying to avoid obvious stupidity.
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Wellsfargo
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Post Number: 1726
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Posted on Wednesday, July 09, 2014 - 03:03 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Reddit:

There is a limit of 50 lakhs bhayya not that you can keep gifting any amount. That 50 lakhs should have source too.




source undalani telusu. Kaani 50 lakhs limit ekkada undi? I have not seen that anywhere
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Reddit
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Posted on Wednesday, July 09, 2014 - 02:58 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Wellsfargo:

Also there is no tax on the money that you can gift to your blood relatives/


There is a limit of 50 lakhs bhayya not that you can keep gifting any amount. That 50 lakhs should have source too.
Spend less time trying to be brilliant and more time trying to avoid obvious stupidity.
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Wellsfargo
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Post Number: 1725
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Posted on Wednesday, July 09, 2014 - 02:57 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Chitti_babu:

Binaami Binaami is the answer !!!!




I will supply the Binaamis..
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Tombrady
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Post Number: 21245
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Posted on Wednesday, July 09, 2014 - 02:55 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)

NRI's cannot buy agriculture land only commercial and residential land

parents name meeda konochu but malli transfer etc etc ani head aches
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Chitti_babu
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Posted on Wednesday, July 09, 2014 - 02:54 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)

Binaami Binaami is the answer !!!!
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Padmasri
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Posted on Wednesday, July 09, 2014 - 02:53 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)

yes, NRIs are not permitted to buy agricultural land..and it has nothing to do with your citizenship.....ippati varaku eee rule ni evaroo enforce cheyyaledu...chesthe problem...
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Rbabu
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Post Number: 2145
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Posted on Wednesday, July 09, 2014 - 02:53 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Sachin:

manam money pampithe dad vaalla peru meeda konukkovacha?




Yes. Nenu alaage chesina.


Wellsfargo:

Guys the central income tax department is planning to look at the land purchases and the residency of the owner in that year




IT department India motham land registrations verify chesentha scene ledu ..... impossible unless someone gives a complaint
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Wellsfargo
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Username: Wellsfargo

Post Number: 1724
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Posted on Wednesday, July 09, 2014 - 02:52 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Sachin:

manam money pampithe dad vaalla peru meeda konukkovacha?




Happy gaa konukkovacchu. actually this is a loophole in the FEMA law. An NRI can own the land when you inherit it as a part of the will from blood relatives.. so if you buy on your Dad's name, you can get the land back as inherited property at some point of time.

Also there is no tax on the money that you can gift to your blood relatives/
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Sachin
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Username: Sachin

Post Number: 37212
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Posted on Wednesday, July 09, 2014 - 02:48 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)


Wellsfargo:



manam money pampithe dad vaalla peru meeda konukkovacha?
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Wellsfargo
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Username: Wellsfargo

Post Number: 1723
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Posted on Wednesday, July 09, 2014 - 02:44 pm:   Insert Quote Edit PostDelete PostView Post/Check IPPrint Post   Move Post (Moderator/Admin Only)Ban Poster IP (Moderator/Admin only)

Guys the central income tax department is planning to look at the land purchases and the residency of the owner in that year. As per FEMA regulations, you are prevented from owning agricultural land if you stay outside India in that year for more than six months.

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