Capital gain tax in foreign

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This discussion concerns an NRI based in the UK who sold a house in India, claimed exemption under Section 54, and purchased another property in India. The core question is how to determine the cost of acquisition for UK capital gains tax purposes. Specifically, should the value at the time of family partition in 2016 be used, or should a registered valuer be appointed to ascertain the market value in 2016, when the assessee became the owner.

P.Madhivadhanan

P.Madhivadhanan (Querist)
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13 January 2024 A NRI who have capital gain in sale of house in india and purchased an apartment in india and availed exemption u/s 54. NRI assesssee's father originally purchased the house in 2000 and by family partition during 2016 the NRI assessee got the above said house and sold it during Fy 2022-23 and same year purchased an apartment and claimed exemption u/s 54. He is a resident of United kingdom. He wants to file return of income in uk, He wants market price of sold house to file return their and compute capital gain in UK. During partition in 2016 the stamp valuation of the proprty is 25,00,000. I want to know cost of acquisisiton to be adopted in UK 2500000 or market value to be arrived by fixing registered valuer and find the value in the year 2016. In India we take previous owner value. The assessee says in UK the cost of acquisition to be considered only on the date when the assessee is owner of the propery.

Aashok Kumar Sharma

Aashok Kumar Sharma

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14 January 2024 https://timesofindia.indiatimes.com/blogs/voices/tax-on-overseas-investment-and-capital-gains/#

P.Madhivadhanan

P.Madhivadhanan (Querist)
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14 January 2024 I want to know whether Partition deed value to be adopted or valuer to be fixed to fetch market value for the year 2016 in which partition among coparceners done

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