I would like to share the following facts in the present case and request you to kindly advise me with you valuable opinion.
The Flat (proposed to be purchased by me) admeasures 538 sq.ft. and is situated on the second floor of the building known as Nandi (comprising of stilt gain seven upper floors ) in Kalyan. The Flat is owned by MR. CHERAIN K. MATHEW and MRS. SARAMMA MATHEW (hereinafter collectively referred as Sellers) jointly. Mr.Cherian was in employment till 1997, thereafter his company was in almost crisis and hence the employees were jobless.
The Sellers were in Canada (due to their employment) since 2002 for close to four years, thereafter from November 2009 till date the Sellers are once more in Canada due their employment. The Sellers were in India from December, 2010 till May, 2011 and for further 20 days in July, 2010. Mrs. Saramma Mathew (being one of the sellers) is in India since past ii months and Mr. Cherain K. Mathew has arrived in India on 24th June, 2012.
In view of the higher up facts kindly advise if the Sellers would be considered as NRIs.
In the yield the Sellers are considered as NRIs what are obligations/liabilities cast upon me (as buyer) and Sellers chthonic the Income Tax Act, 1961and how do we fulfil them. As discussed with you in the face the Sellers are desirous of investing their capital gains in some bonds, what is procedure for the same and is there any prior licence/consent to be obtained from the refer Income Tax Departments.
I would excessively like to request you to kindly obtain the necessary permissions/consents from the concerned Income Tax Departments (if required in the present case) and also keep up me that there are no dues and/or proceedings unfinished against the Sellers, as contemplated under Section 281 of the Income Tax Act, 1961.
Regards,
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