Capital gains & foregin Remittance

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This discussion clarifies the process of sending capital gains abroad after selling property. The user inquired about remitting funds to their son in the USA, and it was confirmed that this is permissible under the Liberalised Remittance Scheme. The conversation also touched upon the complexities of joint sellers and TDS implications for non-resident sellers.

vijayakumar

vijayakumar (Querist)

24 January 2020
Sir, I am selling a plot . The LTCG is roughly 70 lac. I am going to pay the requisite capital gains, .what ever balance amount - can I send it to my son who is in the USA ( he stays there for the past 10 yrs )

Kumar

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

24 January 2020 Yes you can send the amount to your son no problem. Send it under liberalised remittance scheme.

vijayakumar

vijayakumar (Querist)

25 January 2020 Sir, Thank you very much. Thank you sir,
GOD bless you.

Thak you

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

25 January 2020 Welcome...............

vijayakumar

vijayakumar (Querist)

05 July 2020 SIR, this lad sold was total 88 cents. I had power ( not title ) for 50 cents & my wife had clear title for 38 cents . The purchaser a single person showed the total value as 119 lac - paid 1 % ie - 1.19 lac TDS IN my name .Paid me 78.81 lac . Paid my wife 39 lac. Thuse for me -- 78,81 +1.19=80 lac +wife - 39 lac.
Now I have paid the capital gains for my amount after indexing, after appropriating brokerage .
so also for my wife.

Now how do I fill. LTCG.There is a provision for joint buyer , but is there a provision for joint seller?.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

06 July 2020 Provision available for joint seller. Capital gains tax has to be paid independently for their portion.
You are a power of attorney holder of non resident. 20% TDS applicable on entire sale consideration of non resident seller.

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