I'm a person of Indian orgin who currently acquired citizenship of another county. I had sold a small piece of land in India which I got out of a court settlement over a family dispute. The sale proceeds was deposited in an NRI account in India. Do I need to pay Capital gain tax for this amount? If so, how do I pay Capital gains tax and how much would be the percentage?
I left India about three decades ago and do not know the proceedures there now to submit Capital gains tax. Someone in the USA told me that I need to use a particular Chalan to pay tax. Could somone explain the form number of the Chalan and how to pay Capital gains tax in India? Thank you.
CAclubindia
