Nri taxation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 May 2016
NRI HAVING ASSETS IN INDIA, HE WANT TO SALE THE ASSETS AND AMOUNT TRANSFER TO FOREIGN (USD) , WHAT IS THE TAX TREATMENT, CAN YOU EXPLAIN CLEAR WITH SECTIONS AND TAX RATES
CA R SEETHARAMAN
(Expert)
11 May 2016
Long term capital gains tax at 20% payable after deducting indexed cost of acquisition. In case of inherited property the cost incurred by the previous owner will be considered for calculating indexed cost. Refer section 48 of Income tax Act.
In case of inherited asset 1 Million USD can be repatriated in each financial year.
In case of inherited asset 1 Million USD can be repatriated in each financial year.
KAVIRAJA ADDANGADI
(Expert)
11 May 2016
Tds to be deducted by buyer @20.66% if it is long term CG, if it is short term 33.99% u/s 195
Rupesh Jain
(Expert)
13 May 2016
tds deduction by the buyer, and seller have to pay the tax as capital gain if its old 3 year or more then LTCG and other wise STCG
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