Indian tax authorities investigate 7,500 Indians buying high-end Dubai real estate |
India`s Income Tax (IT) department is investigating at least 7,500 Indians who bought high-end properties in Dubai in the last few years. Reports in Delhi said the Intelligence and Criminal Investigation (I&CI) wing of the tax department has obtained data of Indian nationals is probing the source of funds of such investments abroad and if these assets have been declared to the tax agency. In the first three months of 2018, at least 1,387 Indian nationals have investedDirham 3 billion through 1,550 real estate transactions in Dubai, according to the Dubai Land Development. In 2017 alone, Indian investors invested AED 15.6 billion in Dubai. As per the Dubai Land Development statistics, in five years between 2013 and 2017, Indian nationals have bought properties worth AED 83.65 billion in Dubai. According to the Foreign Exchange Management Act of 1999, resident and non-resident Indians are allowed to own immovable properties abroad.Reserve Bank of India`s (RBI`s) liberalised remittance route allows an Indian individual to invest up to $250,000 a year in properties and securities abroad. But rules mandate residents and ordinary residents in India to disclose foreign assets held by them in the IT returns under FA (Foreign Assets) Schedule since financial year 2011-12.
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