capital gain liability to a foreign citizen

This query is : Resolved

Nitesh punjabi (Querist)
Follow

02 January 2011 1. The Assessee has transferred the property of mumbai to non resident indian.
2. Cost of Acquisition : 1.4 Crore P.Y 03-04
Sale consideration : 1.7cr P.Y 09-10
a.what shall be d capital gain liabillty, if any
b. is there any restriction in repatriation of sale proceeds
c. is there any intimation required to give to RBI/I.tax dept.
d. Please mention d Sections applicable.
Thanx.

CA. R. B. SAH

CA. R. B. SAH (Expert)
Follow

03 January 2011 long term capital loss is .20 crore.

sale proceeds should be repatriated to india.

permission of RBI SHOULD BE REQUIRED.

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
Follow

03 January 2011 Here I presume that the Indian resident has transferred a property in Mumbai to a Non-resident.If my presumption is correct then :
a.The indexed cost of rs.1.4 crore shall be deducted from 1.7 crore to arrive at capital gain.
b.There is no question of transferring the funds as indian resident has received the same.
c.No requirement.
d. sec. 45 to 54 of Income Tax Act

Upgrade to CAclubindia Pro. Subscribe Now!