14 July 2021
The finance minister has introduced the TCS on FX remitttances under LRS and advised all the FX dealers to act and deduct 7% beyond Rs.7 lacs.
In this connection kindly clarify whether if the sale proceeds of a property is duly accounted and filed ITR thus claiming Capital Loss on the property sold. Subsequently if the proceeds are to remitted will attract TCS as there are no tax dues and any liability to the government.
Here the amount to be remittted is tax free amount.
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