Capital gain taxable or not
This query is : Resolved
SHREEPAL LALWANI
(Querist)
22 December 2014
Dear Sir,
My one client is Non-Resident. But He holds Proeperty in India since last 60 years. Cost of the property is Rs. 100000/-He sold this Indian property to Resident in India for Rs. 2500000/-. on which long term capital gain is calculated or not? If calculated then what rate of tax is applicable to non-resident? Under which section of income tax? Also inform us indexation benefit is available to non-resident or not for calculation of long term gain? Please inform as early as possible.
My one client is Non-Resident. But He holds Proeperty in India since last 60 years. Cost of the property is Rs. 100000/-He sold this Indian property to Resident in India for Rs. 2500000/-. on which long term capital gain is calculated or not? If calculated then what rate of tax is applicable to non-resident? Under which section of income tax? Also inform us indexation benefit is available to non-resident or not for calculation of long term gain? Please inform as early as possible.
22 December 2014
it is ltcg.
there is no speacial provision for nri in this case and normal provision of capital gain is applicable.
indexation is available since it is long term capital asset.
there is no speacial provision for nri in this case and normal provision of capital gain is applicable.
indexation is available since it is long term capital asset.
Rupesh Jain
(Expert)
22 December 2014
CAPITAL GAIN CALCULATE AS PER NORMAL RATE OF TAX .
AND TAKE INDEXATION BENEFIT FOR THAT
AND TAKE INDEXATION BENEFIT FOR THAT
SHREEPAL LALWANI
(Querist)
22 December 2014
SIR,
That means 20% rate of tax applicable as per long term capital gain tax.
That means 20% rate of tax applicable as per long term capital gain tax.
22 December 2014
the ans is yes........................
CA Kumar Mukesh
(Expert)
22 December 2014
Please also refer the Double taxation avoidance agreement, if any, with the counntry in which Non Resident belongs, there may be lower rate of tax
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