222. Buying & Renting property in India
Q: Hello Sir, I am a US Citizen that holds an OCI card. I am interested in buying property in India for renting and reselling. I have two questions and I am hoping that you can help me with those. 1-- Do I need to have a PAN number for buying property in India? 2-- Do I need to pay tax on the income that I will earn from rent ? Thanks Meena A. Yes! a PAN number is required to purchase property in India. While it may be possible in some cases to get exemption from providing PAN by filling FORM 60 Having a PAN certainly makes things easier. FORM 60 is used when the person conducting the transaction does not have a PAN. You can see a sample of FORM 60 by clicking HERE Income tax has to be paid in India from rental property that is located in India. Normally companies who rent premises are by law required to deduct ‘tax deduction at source (TDS) and submit the money to the Indian tax department.
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222. Buying & Renting property
in India
Q: Hello Sir, I am a US Citizen that holds an OCI card. I am interested in buying property in India for renting and reselling. I have two questions and I am hoping that you can help me with those. 1-- Do I need to have a PAN number for buying property in India? 2-- Do I need to pay tax on the income that I will earn from rent ? Thanks Meena A. Yes! a PAN number is required to purchase property in India. While it may be possible in some cases to get exemption from providing PAN by filling FORM 60 Having a PAN certainly makes things easier. FORM 60 is used when the person conducting the transaction does not have a PAN. You can see a sample of FORM 60 by clicking HERE Income tax has to be paid in India from rental property that is located in India. Normally companies who rent premises are by law required to deduct ‘tax deduction at source (TDS) and submit the money to the Indian tax department.
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