Dear Sir, Madam,
I am living in UK since last 20 years with my family (Wife, daughter and a son). having British passport with Overseas citizen of India card. Recently, my father in INDIA, has been gifted a property to my daughter which has been registered (Paid stamp duty etc) with her name. Now, my daughter who is 20 years old, wants to sell that property in INDIA and bring back all the money to buy a house in UK. Approximate cost of the property in INDIA is 1.5 crores. Can you please answer the following questions based on the above circumstances ?
1. Do my daughter needs to pay any tax (Income or capital gains tax) on this property in INDIA ?
2. Do my daughter needs to pay any tax in UK ?
3. Does banks allow to bring this money from INDIA to UK legally ? provided she has got NRO & NRE accounts
4 Do we need to take any Chartered accountant's help ?
Thanks,
Prav
CAclubindia
