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Income Tax

Shobhit Jain (CA) (4892 Points)

05 December 2019

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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2 Replies

BNG KUMAR (53 Points)
Replied 05 December 2019

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

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Kapadia Pravin (17249 Points)
Replied 05 December 2019

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.

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