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Ltcg on sale of resi. house by nri

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(Querist)
11 February 2012 House was purchased (from NRE A/c of NRI son) by the father in his name. On Father's death, the house was sold and the funds to be deposited in NRE A/c. What is the tax applicability on the CG?
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CA. ANKUR JAIN

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CA. ANKUR JAIN (Expert)
12 February 2012 on father's death the house is inherited by son... so he is new owner


an on sale of the sAME CAPITAL GAIN TAX WOULD ARISE
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CA. RAGHAV GARG

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CA. RAGHAV GARG (Expert)
13 February 2012 Yes Mr. Vikas,

It Doesn't matter that house was purchased from NRE A/c or the Money is transfered to NRE A/c, because Tax Implication is on CAP Gain Arising on House Purchased and Sold India. The issue is not about the source from where house was purchased but CAP GAIN arising in India due to sale of HOUSE.
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