Investment in foreign country
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 February 2015
Dear sirs
One of my client is selling property to the tune of 3cr worth of land in India . Can he purchase a property in Dubai to the tune of 2,50,000 dollars . Will it be exempted from capital gain tax . If so kindly educate me the section . Please
One of my client is selling property to the tune of 3cr worth of land in India . Can he purchase a property in Dubai to the tune of 2,50,000 dollars . Will it be exempted from capital gain tax . If so kindly educate me the section . Please
05 February 2015
From April 1, 2014 the exemption of the capital gains tax (CGT) under Section 54 and 54F from sale of house in India is only applicable if you purchase a new residential house in India. Therefore, if you purchase a house outside India you will have to pay the capital gains tax on the sale that property in India.
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