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?
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.
CAclubindia
