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POSTED BY ON April 7, 2013 1:26 am COMMENTS (2)
Hello,
sorry as my query was not appeared when posted earlier. Here it is:
I am an NRI and i have booked house last year. i have paid 30% amount through my NRE account. Now that project is cancelled due to legal issue and builder is returning the booking amount.
For me it is difficult to understand this situation as Can i transfer this money to my NRE account?
IF not, what is the best procedure to handle this money to avoid taxation or any legal issue?
Its urgent pls….
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Dear Jig,
As you made the payment from your NRE account the cancellation of booking would also be credited to the same account.
In my view there won’t be any tax issues as it would be a genuine transaction reversal because of cancellation of booking. You just need to have proper documentation supporting the reversal.
Hope this resolves your query.
Rgrds,
Finhealth
Dear Jig, please handle the situation on your own or take professional help. This matter is a technical one & any ameture advice here ‘ll prove you costly. Till now you were handling your financial matters on your own with the help of internet & same power is still with you now so use it for your benefit.
Thanks
Ashal