Foreign Property Sale by an Indian Resident
This query is : Resolved
11 August 2021
Sir,
I am NRI form 2016 till now in UAE. I have purchased a flat in Dubai in Feb2021.
I am planning to permanently move back to India in Jan2022 and then in future, If I sale my Dubai flat say in Dec2022 (while I will be an Indian resident), please advise is there any tax liabilities to transfer that Dubai flat's sale amount into the Indian savings account.
Please note that foreign property was bought while having NRI status only from the foreign earnings.
I am NRI form 2016 till now in UAE. I have purchased a flat in Dubai in Feb2021.
I am planning to permanently move back to India in Jan2022 and then in future, If I sale my Dubai flat say in Dec2022 (while I will be an Indian resident), please advise is there any tax liabilities to transfer that Dubai flat's sale amount into the Indian savings account.
Please note that foreign property was bought while having NRI status only from the foreign earnings.
11 August 2021
You have during the 7 financial years preceding the year been in India for a period of 729 days or less. you will be considered as resident but not ordinary resident. in such a case your sale will not be taxed in India.
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