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?
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.
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