There are disconcerting reports about the US based Non-resident Indians (NRIs) selling their immovable properties in India in panic.
Some are selling to their relatives in the sobering belief that the discount on account of distress sale would at least go to their kindred souls. The panic stems from Foreign Accounts Tax Compliance Act (FATCA) of the US pursuant to which India, as indeed other countries, is committed to furnishing all the information about Indian properties and Indian income of residents of the US.
There is however no need for panic because FATCA hasn’t altered the Indo-US Double Taxation Avoidance Agreement (DTAA).
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