According to data compiled by Dubai Land Development, United Arab Emirates dirham (AED) 3 billion was invested by 1,387 Indian nationals through 1,550 real estate transactions in Dubai.
Around 7,500 Indians, who purchased posh properties in Dubai in the last few years, are under scanner of the Income Tax (IT) department, according to Indian Express report. The agency has initiated a probe into the matter. The IT department’s Intelligence and Criminal Investigation (I&CI) wing has gathered the data pertaining to Indian nationals who have invested in real estate in Dubai. The I&CI wing is now trying to ascertain the souce of funds and whether details regarding the assets have been declared to the tax agency, the IE report says.
According to data compiled by Dubai Land Development, United Arab Emirates dirham (AED) 3 billion was invested by 1,387 Indian nationals through 1,550 real estate transactions in Dubai. In 2017, the investment stood at AED 15.6 billion. From 2013 to 2017, the total properties worth AED 83.65 billion were brought by Indian nationals in Dubai, the report says.
As per the existing laws in India, it is not illegal to have properties in Dubai. Resident and non-resident Indians can have own immovable properties abroad, as per Foreign Exchange Management Act of 1999. Apart from this, a resident individual can have investment up to $250,000 in properties and securities under the Reserve Bank of India’s (RBI’s) liberalised route. Under FA (Foreign Assets) Schedule since financial year 2011-12 and Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act (Black Money Act) in 2015, residents in India have to disclose details about foreign assets if they have. Around 5,800 Indians were linked to properties in posh localities in Old Town Island, Emirates Living, Dubai Marina, Motor City, The World and Palm Jumeirah.