Capital Gains on Foreign Assets of a Resident
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 April 2011
XYZ was a non resident till 2004. There after he is assessed in India as a resident. He has a property in UK which he has leased out for rent and paid tax on the rental income till date in India. Now he wants to sell this property which was purchased in 1988.
Queries -1) Will he get indexation benefit on sale of this property. 2) The cost of the property purchased in UK Pounds at that time is UK pounds 1,00,000/= What will be the cost of this in terms of foreign exchange rates. Will the cost be at the conversion rates of 1989 or as on date of selling?
Thanks.
Queries -1) Will he get indexation benefit on sale of this property. 2) The cost of the property purchased in UK Pounds at that time is UK pounds 1,00,000/= What will be the cost of this in terms of foreign exchange rates. Will the cost be at the conversion rates of 1989 or as on date of selling?
Thanks.
11 April 2011
1) You will get the benefit of indexation.
2) first, you have to calculate the capital gain in pounds today and then you have to convert the said capital gain in rupees on the date of sale or on the date of receiving money from the purchaser.
2) first, you have to calculate the capital gain in pounds today and then you have to convert the said capital gain in rupees on the date of sale or on the date of receiving money from the purchaser.
Message likes :
1 times
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- FEMA regulation Act. for inward remitance
- Grand in aid
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
