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.
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
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Gift of mutual fund units to daughter
- Under construction property in ITR
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Not able to file ITR
- Reporting of STCG on Property in ITR
- 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
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
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
