Politics · India · 7 hrs ago
India may notify residents over undisclosed overseas property
India’s tax department is expected to send notices in the coming weeks to residents who may have failed to disclose property they own abroad.
Officials have received information from other jurisdictions through several channels, including the sharing of details about overseas real estate.
This differs from the regular automatic exchange of information, which covers financial assets such as bank accounts and shares.
The notices may prompt checks on whether properties and their income were properly disclosed, and on how purchases were funded.
Unexplained funding or overseas liabilities could raise issues under other laws, not just tax rules.
A one-time disclosure scheme is open for certain foreign assets, including property, with limits and tax and penalty payments that depend on the circumstances.
The tax department has already sent SMS reminders about reporting overseas assets, but response to the scheme has so far been lukewarm.
India’s Income-Tax Department is expected to send notices in the coming weeks to residents with undisclosed overseas property.
The department has received information about foreign properties from multiple jurisdictions through information-sharing channels and other sources.
The notices follow SMS reminders asking thousands of people to disclose overseas assets and consider a one-time voluntary disclosure scheme.
The scheme allows eligible taxpayers to disclose certain foreign assets, subject to limits and payment of tax and penalties.
Experts say disclosure to the tax department does not resolve possible issues under other laws.
- Who
- India’s Income-Tax Department and resident Indians who own undisclosed overseas property.
- What
- The department is expected to send notices over undisclosed foreign property.
- When
- In the coming weeks, according to an official speaking at a webinar on Wednesday.
- Where
- India, concerning property held abroad.
- Why
- The department has received information about foreign properties from multiple jurisdictions and other sources.
This story does not have two clearly opposing sides.
The department received a sizeable volume of data on properties owned by Indians in Dubai.
The Foreign Assets of Small Taxpayers Disclosure Scheme opened as a one-time voluntary disclosure window.
The Economic Times reported that the department was expected to send notices over the coming weeks.
- Expected notices
- In the coming weeks
- Information sources
- Multiple jurisdictions and other sources
- Disclosure scheme
- FAST-DS, 2026
- Scheme opening
- August 16
- Maximum asset value under one provision
- ₹1 crore
- Tax and penalty
- 60%
What people are saying
An overseas property cannot be viewed solely from an income-tax perspective.
They should take this opportunity to avoid penalty and prosecution under the Black Money Law.