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Taxation on Sale of Property by NRI
What will be the tax liability on the NRI (seller) as well as on the resident (buyer) on sale of property located in India, provided that NRI holds PAN and property is sold at FVC lower than the ICOA?
Replies (5)
Quick Summary
An nri is subject yo deduction of tax at source.
TDS is required to deduct even in case of long term capital loss?
If Section 50C is complied with. Return to filed and yes you can claim LTCL, No tax liability
Now the point arises. It entirely depends on the concept of incidence of taxation . What is incidence of taxation
1. any income which arises out of funds transferred to India and any accretion to the funds invested in India is subject to Indian taxation laws.
1. any income which arises out of funds transferred to India and any accretion to the funds invested in India is subject to Indian taxation laws.
Section 195 is applicable instead of 194IA
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