I legally bought an Apartment in Bengaluru registered under my Name in 2014
Now I am living abroad and after a few years of residence here I found out that I was supposed to declare that property in TAX assesment abroad as this country has some wealth tax laws on income/property worldwide.
Since I didn't declare it for a few years so technically I am at fault in this foreign land. Even though the pending tax amount would be negligible compared to what I pay but still a error in my reporting.
Options for me now:-
1) Apply for re-calculation of taxes which is a complex process here and can have impact of my residence permit in future.
2) Get rid of this property from my name.
I need your opinion on point 2.
Can I change the ownership name to my Wife, monther etc without getting involved into money trail ?
What is the process.
Does this require a re-registration of apartment with a new sale deed?
The property value when purchased is < 20 lakh and current market value after 5-6 years would be upto 30 lak only.
Thanks
