What India's foreign asset disclosure rules mean for Dubai property owners

India's Income Tax Department has started contacting selected taxpayers who bought residential or commercial property in the UAE, asking them to confirm the holdings appear in their tax filings, Gulf News reported. The outreach is tied to the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), which runs until 31 December 2026. About 1,100 applications have been submitted so far.

The scheme has two tracks. The first covers undisclosed assets or income up to Rs 10 million, with a 30% tax on fair market value plus an equal additional sum, 60% in total. The second covers previously taxed assets up to Rs 50 million, including purchases made as a non-resident but left off the foreign asset schedule, and can be resolved with a flat Rs 1 million fee.

Assets still undisclosed after the scheme closes fall under the Black Money Act of 2015. That means a 30% tax, a Section 41 penalty of three times the tax, and a Rs 10 million penalty under Sections 42 or 43. The Rs 2 million exemption does not apply to foreign immovable property.

Read the full article on Doment: What India's foreign asset disclosure rules mean for Dubai property owners

Originally published on Doment, Dubai property intelligence.

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