Nri taxation

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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

CA R SEETHARAMAN (Expert)
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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.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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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

Rupesh Jain (Expert)
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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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