Sale of Immovable Property by PIO
This query is : Resolved
07 July 2007
If any immovable property (situated in India) is sold by Person of Indian Origin (PIO)(not being a citizen of india) to a person reident in india, then what would be the treatment of repatriation of sale proceeds? The PIO has acquired the immovable property from his grand-parents by will/sucessions
08 July 2007
For repartriation of the sale proceeds if the land falls with in the 8 km of contonment board of the municipality then his sale proceeds are not taxable and after obtainin a form signed by CA for nil tax liability and can give it to his bank for repatriation and he can take away his money and if the property is outside the perview of the board then he has to pay capital gain tax on it and get the certificate for full apyment of tax by CA as provided in Annexure A and B and submit to bank who further will send it the AO of the area in whose jurisdiction the assessee is assessed . after obtaining the approval from AO bank transfer the amount in the account said by you
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