Capital gain

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krishnan shankarmani (Querist)
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28 May 2019 A flat was purchased in Pune by two brothers when they were employed in Pune and were citizens of India. They went to USA and are now settled there. They have since obtained US citizenship (OCI), and continue to live there.

They are now wanting to sell the property in Pune.

Since there is no income, other than rent (below taxable limit) arising to them in India, can they claim refund of Capital Gains tax, i any. What will be the TDS at source. What will the documents be required to file claim of refund.

What will be the iimpliations of sending the sale proceeds to US. Is any permission required. Are any taxes involved.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 May 2019 The buyer has to deduct actual capital gains tax payable on sale. Hence no claim of refund arises.
For remittance no permission is required.
Form 15CA and 15CB to be filed take the help of CA for filing.

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