Non resident income from property sale in india
This query is : Resolved
ROUNAK AGARWAL
(Querist)
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
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
(Expert)
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.
02. He can claim the benefit of indexation and the gain shall be taxed accordingly.
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