Capital gain
This query is : Resolved
21 January 2012
Hi,
My quary is regarding CG on NRI
e.g.A has bought property worth Rs.50800/- in yr 1979.He gifted this property in Nov 2007 to his sister having mkt value of 12.80 lacs. she wants to sell the same for 52 Lacs & she in NRI.
Pls guide regaring CG liability fot F.Y.2011-12
Thanks
My quary is regarding CG on NRI
e.g.A has bought property worth Rs.50800/- in yr 1979.He gifted this property in Nov 2007 to his sister having mkt value of 12.80 lacs. she wants to sell the same for 52 Lacs & she in NRI.
Pls guide regaring CG liability fot F.Y.2011-12
Thanks
22 January 2012
Since the property has been received by Gift, cost to the previous owner has to be considered.
.
Since previous owner has acquired the property prior to 1.4.1981, its valuation as on 1.4.1981 or cost which ever is higher, can be taken as cost of acquisition.
.
For computing capital gains Indexation of cost of acquisition (or value as on 1.4.1981) is allowed. The Indexed cost of Acquisition, so arrived, has to be subtracted from 52.00 lac to arrive capital gains.
.
Tax @ 20.6% is required to be paid.
.
Since previous owner has acquired the property prior to 1.4.1981, its valuation as on 1.4.1981 or cost which ever is higher, can be taken as cost of acquisition.
.
For computing capital gains Indexation of cost of acquisition (or value as on 1.4.1981) is allowed. The Indexed cost of Acquisition, so arrived, has to be subtracted from 52.00 lac to arrive capital gains.
.
Tax @ 20.6% is required to be paid.
23 January 2012
Any capital gain on property which is situated in India, is deemed to accrue or arise in India.
Any income which is deemed to accrue and arise in India, is liable to tax for Non residents also.
This is the first test.
Rest what Mr. Bafna said, i fully agree & i have nothing to add further.
Any income which is deemed to accrue and arise in India, is liable to tax for Non residents also.
This is the first test.
Rest what Mr. Bafna said, i fully agree & i have nothing to add further.
23 January 2012
Any capital gain on property which is situated in India, is deemed to accrue or arise in India.
Any income which is deemed to accrue and arise in India, is liable to tax for Non residents also.
This is the first test.
Rest what Mr. Bafna said, i fully agree & i have nothing to add further.
Any income which is deemed to accrue and arise in India, is liable to tax for Non residents also.
This is the first test.
Rest what Mr. Bafna said, i fully agree & i have nothing to add further.
23 January 2012
Any capital gain on property which is situated in India, is deemed to accrue or arise in India.
Any income which is deemed to accrue and arise in India, is liable to tax for Non residents also.
This is the first test.
Rest what Mr. Bafna said, i fully agree & i have nothing to add further.
Any income which is deemed to accrue and arise in India, is liable to tax for Non residents also.
This is the first test.
Rest what Mr. Bafna said, i fully agree & i have nothing to add further.
23 January 2012
Any capital gain on property which is situated in India, is deemed to accrue or arise in India.
Any income which is deemed to accrue and arise in India, is liable to tax for Non residents also.
This is the first test.
Rest what Mr. Bafna said, i fully agree & i have nothing to add further.
Any income which is deemed to accrue and arise in India, is liable to tax for Non residents also.
This is the first test.
Rest what Mr. Bafna said, i fully agree & i have nothing to add further.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Liable to deduct tds and 44ADA
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
