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British national with 2009 JP project flat: Implications on possession?

T S Khurana |367 Answers |Ask -Follow

Tax Expert - Answered on Sep 04, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Aug 26, 2024Hindi

Money

I invested for a 30 lac flat in to JP projects back in 2009 but these have been stuck due to IRP process. the flats are close to handover stage and i may receive an offer of possession soon by the end of the year. The issue is I have since become a British national (2022) and do not know the implication of this on possession. The flat possession was obviously delayed and I could never claim any tax benefits and even skeptical about the tax treatment if I sell. Thanks.

Ans: 01. You can take possession of your Flat, even after you have become NRI.
02. When you sell this Flat, you would be subject to Long Term Capital Gains Tax in your ITR. You would also be subject to TDS @22.8% of Sale proceeds & claim its Refund by filing ITR for that year.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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i have bought a flat in June'22 i was told that possession will be given on or before 31/12/2022 and also promised that if possession not given as per schedule i.e 31/12/2022 then they will give me monthly compensation till the actual possession of flat and they have given me possession after one year and they also refused to give any compensation so please advise what to do now

Ans: Gather Evidence: Collect all documents related to the flat purchase, including the agreement, possession date promises, and any correspondence about delays or compensation.
Send a Legal Notice: Clearly outline the breach of contract, the promised compensation, and demand payment.
Consider Mediation or Arbitration: If direct negotiation fails, explore these options to resolve the dispute.
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I am going to finally get possession of my flat after waiting patiently for 15 years, however I am now a British national. Please help with advice on how to get ownership of this property- does it make the process complicated?

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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