Amount transfer in nre account

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Prasant Thakur (Querist)

07 August 2012 An assessee made an agreement with a property dealer on 25/04/2009 against purchase of a flat and the following payments were made during the Flat was under construction period :
F.Y - 2009 -10 - Rs 2726800
F.Y - 2010 - 11- Rs 2722892
F.Y - 2012 - 13- Rs 456182
Sold the Flat on 28/05/2012 without taking any possession of the flat .
Kindly advise us whether indexation benefit will be available or not ,if the amount is charged as LTCG ? how the payment made in F.Y 10-11 & 12 - 13 is to be treated ?

deepika dhakad

deepika dhakad (Querist)

07 August 2012 My client is having a status of NRI. He has invested amount from NRE a/c to Fixed deposit accounts (FD a/c) in bank of Baroda in India ( He have NRE a/c and FD a/cs both in same branch of Bank of Baroda in India). Now he wants to transfer amount of all FD a/c again in NRE a/c.

Plz provide us complete process/ relevant forms/ documents in detail for transfer amount again in NRE a/c and impact thereof as per FEMA and Income tax act.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

07 August 2012 In my view, as he has not taken the possession of the flat and sold his right to other person he is liable for Capital Gains as the such right is also treated as a capital asset.
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Indexation allowed for the cost of FY 2010-11 However, For FY 2012-13 indexation will not be required to be calculated.
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