OCI Income Tax liability

Raju (none) (50 Points)

18 May 2024  


My brother is a OCI and living abroad. He bought a land when he was an Indian citizen (4 to 5 years ago). Now he is thinking of disposing the land and considering the following options. Can you suggest and answer the below questions? 

1) He gifts the land to me. I will sell it. I think there is no gift tax. Right? When I sell the land, how is the tax calculated?

2) He sells the land directly. How much is the tax percentage in this case? How is the indexation calculated?

Is it ok if the seller and buyer skip the TDS, and the seller pay the tax directly to the IT department?

Best Regards,