My one client is Non-Resident. But He holds Proeperty in India since last 60 years. Cost of the property is Rs. 100000/-He sold this Indian property to Resident in India for Rs. 2500000/-. on which long term capital gain is calculated or not? If calculated then what rate of tax is applicable to non-resident? Under which section of income tax? Also inform us indexation benefit is available to non-resident or not for calculation of long term gain? Please inform as early as possible.
22 December 2014
Please also refer the Double taxation avoidance agreement, if any, with the counntry in which Non Resident belongs, there may be lower rate of tax
CAclubindia
