Property transaction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2014 Dear Friends,
I had Property in India. I sold that & received money outside India in Foreign Currency. (i). Whether I've to pay income tax(if any) in India on that property transaction ?
(ii). Whether I can purchase any property outside India out of the amount I received on sale ? {In both the cases (a) after paying tax in India on such Sale, (b) After not paying any tax in India.}
Please Reply it,s urgent.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 May 2014 yes. it is taxable in india.

you can buy property outside and still claim exemption under 54/54f whichever is applicable. so if you available this exemption, no tax shall be payable.

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