Dear sir,
I am a NRI , having a residential house in kolkata (India) which has been acquired under the operation of law( Inherited property).
In the last week I sold the same property for an amount of 25laks (INR) and the money was received through a DD. Due to which i suffered a LONG TERM CAPITAL LOSS( considering acquisiton cost as zero or cost to previous owner).Also purchaser has not deducted any TDS on same payment.
Now I have to transfer the same amount in my NRE account.
I want to know is it taxable as per Income tax act,1961??? Will the CA will identify it as taxable in india while certifying in form 15CB.???
Is any exemption / releif under DTAA available against this transaction , if yes pls specify me the clause under which it is exempted or releif can be availed.
Is it mandatory to furnish certificate from CA in form 15CB in above case?????
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Transfer of amount from NRO to NRE account on sale of property
Replies (1)
"Will the CA will identify it as taxable in India while certifying in form 15CB?"
Definitely.
As the income arises in India, tax liability to be paid in India by filing return.
Any DTAA benefit may be claimed in the country of your residence.
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