capital gain liability to a foreign citizen
This query is : Resolved
02 January 2011
1. The Assessee has transferred the property of mumbai to non resident indian.
2. Cost of Acquisition : 1.4 Crore P.Y 03-04
Sale consideration : 1.7cr P.Y 09-10
a.what shall be d capital gain liabillty, if any
b. is there any restriction in repatriation of sale proceeds
c. is there any intimation required to give to RBI/I.tax dept.
d. Please mention d Sections applicable.
Thanx.
2. Cost of Acquisition : 1.4 Crore P.Y 03-04
Sale consideration : 1.7cr P.Y 09-10
a.what shall be d capital gain liabillty, if any
b. is there any restriction in repatriation of sale proceeds
c. is there any intimation required to give to RBI/I.tax dept.
d. Please mention d Sections applicable.
Thanx.
03 January 2011
long term capital loss is .20 crore.
sale proceeds should be repatriated to india.
permission of RBI SHOULD BE REQUIRED.
sale proceeds should be repatriated to india.
permission of RBI SHOULD BE REQUIRED.
03 January 2011
Here I presume that the Indian resident has transferred a property in Mumbai to a Non-resident.If my presumption is correct then :
a.The indexed cost of rs.1.4 crore shall be deducted from 1.7 crore to arrive at capital gain.
b.There is no question of transferring the funds as indian resident has received the same.
c.No requirement.
d. sec. 45 to 54 of Income Tax Act
a.The indexed cost of rs.1.4 crore shall be deducted from 1.7 crore to arrive at capital gain.
b.There is no question of transferring the funds as indian resident has received the same.
c.No requirement.
d. sec. 45 to 54 of Income Tax Act
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