Capital gains & foregin Remittance

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vijayakumar (Querist)
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24 January 2020
Sir, I am selling a plot . The LTCG is roughly 70 lac. I am going to pay the requisite capital gains, .what ever balance amount - can I send it to my son who is in the USA ( he stays there for the past 10 yrs )

Kumar

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 January 2020 Yes you can send the amount to your son no problem. Send it under liberalised remittance scheme.

vijayakumar

vijayakumar (Querist)
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25 January 2020 Sir, Thank you very much. Thank you sir,
GOD bless you.

Thak you

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 January 2020 Welcome...............

vijayakumar

vijayakumar (Querist)
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05 July 2020 SIR, this lad sold was total 88 cents. I had power ( not title ) for 50 cents & my wife had clear title for 38 cents . The purchaser a single person showed the total value as 119 lac - paid 1 % ie - 1.19 lac TDS IN my name .Paid me 78.81 lac . Paid my wife 39 lac. Thuse for me -- 78,81 +1.19=80 lac +wife - 39 lac.
Now I have paid the capital gains for my amount after indexing, after appropriating brokerage .
so also for my wife.

Now how do I fill. LTCG.There is a provision for joint buyer , but is there a provision for joint seller?.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 July 2020 Provision available for joint seller. Capital gains tax has to be paid independently for their portion.
You are a power of attorney holder of non resident. 20% TDS applicable on entire sale consideration of non resident seller.

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