A person got inherited property in UK for which he is liable to pay 40% tax in UK. Now he wants to sell off that property in UK and bring the money into India? What will be tax implication of the same?
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Income Tax
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What is his residential status for the financial year
if roi, global income is taxable in India and relief can be claimed u/s 90, 91 in respect of double taxation
if nor or nri, not taxable in India
if roi, global income is taxable in India and relief can be claimed u/s 90, 91 in respect of double taxation
if nor or nri, not taxable in India
Capital Gain taxation in India will depend upon residential status. Not taxable if NRI or RNOR.
Taxable if Resident Ordinary. However he will get DTAA relief as already he pays 40% tax in UK.
There is no tax on bringing his capital money (sale proceeds) into India.
Taxable if Resident Ordinary. However he will get DTAA relief as already he pays 40% tax in UK.
There is no tax on bringing his capital money (sale proceeds) into India.
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