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Capital Gain
One of my friends is an NRI purchased a plot in gated community in 2006 for RS.6,00,000. This amount was paid from his NRE Account. In 2018 he sold the same plot for RS.15,00,000. The amount was credited to his NRO account. Now is he liable to pay any capital gain tax. If so how much he has to pay. Please clarify. Is this information to be included in his IT Return ?.
Replies (2)
1. Yes taxable.
2. Long term capital gains after indexation of cost of land purchased.
3. Yes, should file ITR for the LTCG.
long term capital gain after providing indexation benefit for ittt
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