How much tax on property by NRI
SP Mehta (1 Points)
09 December 2019
If an NRI buys plots in India in 2008 and sells it in 2019, then what income tax will he have to pay?
2 Replies
meena suri
(accountant)
(160 Points)
Replied 10 December 2019
For your query solution Kindly post your query on Profsindia.com
CA Arun Tiwari
(Partner)
(6665 Points)
Replied 14 December 2019
When you sell a capital asset, the difference between the purchase price of the asset and the amount you sell it for is a capital gain or a capital loss. Capital gains and losses are classified as long-term or short-term.
So , if the NRI purchase plot in 2008 and sell in 2019 then it will be classified as the Long Term Gain or Loss as the case may be . If you sell a house property and have a long-term capital gain, the buyer shall deduct TDS at 20%. However, you are allowed to claim capital gains exemption by investing in a house property as per Section 54 or investing in capital gain bonds as per Section 54EC
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