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Urgent capital gain query

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05 May 2012 USHA a U.S citizen and a OCI CARD HOLDER.She is having a property (resdential house)in banglore the original agreement for purchase of flat is on 19.3.1996
Now the property is sold for Rs.23,50,000 to be registered in may 2012.
Is she liable to tax in india under captial gains? please suggest and explain.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
24 May 2012 Yes the capital gain shall be taxable becuase the property is situated in India and the income accrues in India.
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