If a non resident not holding a PAN sells a long term asset in India,what are the Tax implications?And how should he be proceed with the Tax payment if any?
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Capital gains
Replies (2)
Hello Sanjay,
Even a non resident person sells his/her property in India, than also long term capital gain is calculated as per the provisions of the income tax act which is as same applicable to you. In short it is calculated in the same manner as if it is calculated for a resident person. At present income tax @ 20% is charge on LTCG.
Now what if he/she has not having PAN no., than tell me how he/she will file their income tax return. If they want to file income tax return in India, than they had to apply for PAN first, rest is same.
Thank you
Non-resident individuals and organisations need to have a Permanent Account Number (PAN) number if they receive an income and need to file returns in India. PAN is issued by the Income Tax (IT) Department to all assessees and quoting of PAN is compulsory in all returns filed with the IT department
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