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Tax Implication on Sale of Immovable Property by NRI

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This query is : Resolved

S.Jegadeesan (Querist)
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03 February 2023 Sir
I would like to clarify some doubt regarding Income Tax on Sale of Immovable Property by NRI

Mr Elango is an NRI sold an Immovable Property in 2022 for Rs.95 Lakh which was bought by him through his NRE Account in 2009 for Rs 15 Lakh
Whether the above is taxable @ 20% without any basic exemption Limit as available to Resident ? or he can claim Basic Exemption limit which is not taxable ?

Further Form 15CA is enough or 15CB is required to submit while transfer the Proceeds to NRE A/c?
What rate of TDS will be applicable to NRI whether 20% with Surcharge, Education Cess or Flat rate of 20% only?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 February 2023 TDS will be applicable to NRI 20% with Surcharge, Education Cess.

Form 15CA and 15CB is required to submit while transfer the Proceeds to NRE A/c.
Taxable @ 20% with basic exemption Limit as available to Resident. Indexation benefit also available.

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