Ltcg on sale of resi. house by nri
This query is : Resolved
11 February 2012
House was purchased (from NRE A/c of NRI son) by the father in his name. On Father's death, the house was sold and the funds to be deposited in NRE A/c. What is the tax applicability on the CG?
12 February 2012
on father's death the house is inherited by son... so he is new owner
an on sale of the sAME CAPITAL GAIN TAX WOULD ARISE
an on sale of the sAME CAPITAL GAIN TAX WOULD ARISE
13 February 2012
Yes Mr. Vikas,
It Doesn't matter that house was purchased from NRE A/c or the Money is transfered to NRE A/c, because Tax Implication is on CAP Gain Arising on House Purchased and Sold India. The issue is not about the source from where house was purchased but CAP GAIN arising in India due to sale of HOUSE.
It Doesn't matter that house was purchased from NRE A/c or the Money is transfered to NRE A/c, because Tax Implication is on CAP Gain Arising on House Purchased and Sold India. The issue is not about the source from where house was purchased but CAP GAIN arising in India due to sale of HOUSE.
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