11 May 2016
NRI HAVING ASSETS IN INDIA, HE WANT TO SALE THE ASSETS AND AMOUNT TRANSFER TO FOREIGN (USD) , WHAT IS THE TAX TREATMENT, CAN YOU EXPLAIN CLEAR WITH SECTIONS AND TAX RATES
11 May 2016
Long term capital gains tax at 20% payable after deducting indexed cost of acquisition. In case of inherited property the cost incurred by the previous owner will be considered for calculating indexed cost. Refer section 48 of Income tax Act. In case of inherited asset 1 Million USD can be repatriated in each financial year.