Non resident income from property sale in india

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ROUNAK AGARWAL (Querist)
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18 November 2014 Mr. Ramesh was a resident in india in A. yr 2000-01 and was residing in home in that year .
In 2001-02 he shifted to Australia on permanent basis & never returned but the property was in India .
In 2015-16 , he wishes to sell Home .
State the tax implication if any if profit earned on sale of Home , registered in his name .
COA : 11 LACS
sale value is :50 lacs (say)

Kindly advise

Amol S Joglekar

Amol S Joglekar (Expert)
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19 November 2014 01. Income earned in India is taxable in India in all the cases viz. Resident as well as Non resident.
02. He can claim the benefit of indexation and the gain shall be taxed accordingly.

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