Nri repatrtiation

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d c bhargava (Querist)

29 March 2014 As a resident, my son booked an under construction flat. He intends to migrate and sell it later after getting possession and to repatriate the sale proceeds.
1. Has he to hold the flat for 10 years after possession as I read somewhere, or 3 years after possession or there is no restriction now; i.e. can he sell it any time, after paying applicable STCG/LTCG tax.
2. I presume the proceeds will be placed in NRO a/c. Apart from Capital Gains, is there any other tax further payable before actual repatriation such as a withholding tax of 30.09 % etc., as other writers merely refer to other applicable taxes? What other taxes?.
3. Is the present yearly property sale repatriation limit $1 million or $75000?

Thanks
DC Bhargava

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)

30 March 2014 After possession holding period should be 3 years for the purpose of LTCG. If sold within 3 years then STCG.

d c bhargava

d c bhargava (Querist)

30 March 2014 Thanks,
My question was - can one repatriate after 6 months after possession and after paying STCG?
My main questions relate to item 2 and 3 relating to applicable taxes before repatriation, and repatriation limit per year.
D C Bhargava

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