1. Can a non-resident taxpayer (Indian citizen, holding Indian passport) choose between 20% with indexation vs 12.5% without indexation on the LTCG from the Sale of his property purchased in 2007?
2. Does the provision to carryover capital loss from Sale of property for the next 8 years and adjusting it with capital gain arising from another property within that period still applicable ?
Got the answer to my query and sadly NRIs cannot claim indexation benefit on property sale and have to pay 12.5% without indexation as this benefit is only for resident individuals and HUFs.
Wait for final notification...
The rule may apply only to the properties purchased after 23.07.2024. No clarity about property purchased before that!!
Shaswat initial support private limited
Ahmedabad
CS
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CAclubindia
