What are the Tax Implications on eventual sale of the property by an NRI? Can an NRI take the net amount outside India in sterling or dollars after tax has been paid?
On an eventual sale of property, there will be tax implication on profit gain in case of individual. Individual will be charged upto 30% tax on the gain. Also in case of short term gain, the charge will be taxed at 30% if within three years. And above 3 years i.e. Long Term gain will be taxed at much lesser rate i.e. approx. 15%.The Net amount, after deducting the necessary taxes and charges, can be taken back in any currency outside India .
Related Questions
- Can sale proceeds of any immovable property in India inherited, by a person resident outside India (i.e. NRI or PIO or foreign national of non-Indian origin resident outside India), from a person resident outside India be repatriated by him or his successor?
- How can an NRI repatriate the sale proceeds of their immovable property sold in India?
- What are the tax implications for an NRI when selling a property?
