Tax Insights & News

The Goods and Services Tax (GST) significantly affects residential property. GST applies only to under-construction properties; the sale of completed (ready-to-move-in) flats with an occupancy certificate is exempt. For under-construction apartments, the applicable GST rate depends on whether the unit qualifies as affordable housing under Indian GST rules.

Alternative Investment Funds (AIFs) in India are privately pooled investment vehicles, regulated by the Securities and Exchange Board of India (SEBI). SEBI defines an AIF as a fund established or incorporated in India that collects funds from Indian or foreign investors to invest according to a defined policy for the benefit of its investors.

Receiving an income tax notice in India (often called an IT notice) can be unsettling, but it is a common part of tax administration. These notices can range from a simple request for additional information or clarification to more serious concerns, such as discrepancies in tax returns, audit actions, or demands for outstanding tax dues.

Determining your residential status for income tax in India is the first step for NRIs and OCIs. Income-tax law classifies individuals as Resident or Non-Resident (NRI) (with a subcategory "Not Ordinarily Resident"). Normally, an individual in India 182 days or more in a fiscal year (or 60 days plus 365 days in the preceding 4 years) is "resident"; otherwise, they are an NRI.

Foreign Direct Investment (FDI) into India is governed by the Foreign Exchange Management Act (FEMA) and the Consolidated FDI Policy issued by the Government of India. This framework defines permissible equity inflows, sectoral caps, approval routes, valuation norms, documentation, and reporting requirements.