House property.

This query is : Open

Khan Saqib (Querist)
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21 October 2014 An U.S Citizen or Green card holder buys a house property in India, then;

What are the tax rates on rental income, any deductions allowed?

What are the Capital gains tax incurred after selling property?

Are they allowed to repatriate the whole money after paying the relevant taxes, both for rental income as well as Capital gains.

CA Mukkul Mehta

CA Mukkul Mehta (Expert)
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22 October 2014 Tax Rates - Normal Slab rates as applicable to individuals.

Capital Gains Tax - At normal rates as applicable to Residents.

Money can be repatriated after tax payment and form 15CA & 15CB would be required in that case.

Khan Saqib

Khan Saqib (Querist)
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27 October 2014 Can a Green card holder or U.S Citizenship individual buy house property in India?

What if they buy a property as a green card holder and later become US citizens? Will there be any changes in the way they are taxed? Are there different tax rates on rental income and selling once they become US citizens. What are the differences?