26 January 2015
Dear sir One of my client is selling a landed property in india . He is planning to pay capital gain tax in india . He wish to purchase a villa in his sons name in dubai .can he transfer funds to his son's account .what is the maximum limit . Whether any tax to be paid for the same and what is the procedure for transfer. The amount is 1.5 cr . Kindly advise.what is the income tax section allowing transfer .please help
26 January 2015
When capital gains tax is paid in India, then there is no further tax at the time of transferring the funds to son's account. US$ 125000/- can be transfreed in a financial year. For details pl. refer the link
CAclubindia
