Wealth tax from the property sale for an nri

Akhil (Consultant) (21 Points)

08 November 2016  
Dear All, I have been looking for some advice for planning my tax in India. I believe it will come under the category of Wealth Taxation but I could be wrong. I will greatefully appreciate if you learned people could give me advice, pointers. It does not seem to very complicated case but then you be the judge, here is the situation. 1. I lived in UK from 2005 - 2012, acquired British Citizenship. I hold OCI (overseas citizen of India) and can buy sell all properties (with some excepttions such farm lands etc). 2. I lived & worked in India from mid 2012 until late 2013. 3. In late 2013, I moved back to UK and have permanently settled here now. 4. I currently have no income of my own in India. My wife had some rental income (about 20K per month) in India. She also lives with me in UK. 5. I bought a residential plot in 2007-2008 and now want to sell it. I will make descent profit from the sale. My question is how much tax I will have to pay on the profit? Please ask me any question or information you need to help you answer this. Many thanks. Akhil