Sale of hp by non resident in india

Sujit Talukder (service) (719 Points)

03 September 2011  

 

Dear esteemed members,

 

I have a query on the topic and the facts are given under.

 

An Indian individual who is non resident within the meaning of IT Act (since he is residing in USA for over 10 years), has a house property in India. The said HP is let out on monthly rent to another person. The non resident was filing his return of income for the said property income with the income tax authority in India every year.

 

Now he wants to sell the HP and wants to purchase another HP in India.

 

Apart from Long term capital gain that would arise to a resident had the transaction taken by him, is there any other income tax implication since he is a non resident.

 

Please elaborate the reply.

Regards

Sujit Talukder