23 June 2010
A , non resident, Sold one of his residential flat in janakpuri, india together with furnture & fixture. he made two seperate agreements one for flat and one for F& F. and he want to repatriate the total sale proceeds out of india from his NRO account. please specify his tax liability with respect to furniture & Fixture. can he repatriate the sale procceds of furniture & fixture without paying taxes
23 June 2010
As per Section 7 he shall pay the tax in India. In this case calculate the Capital Gain u/s 45(1) and deposite the capital gain tax in India and then he can take the balance amount from India. As no information about sale consideration and date of acqusition is available, it is not possible to claculate tax liability.
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