Capital Gains on Foreign Assets of a Resident
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 April 2011
XYZ was a non resident till 2004. There after he is assessed in India as a resident. He has a property in UK which he has leased out for rent and paid tax on the rental income till date in India. Now he wants to sell this property which was purchased in 1988.
Queries -1) Will he get indexation benefit on sale of this property. 2) The cost of the property purchased in UK Pounds at that time is UK pounds 1,00,000/= What will be the cost of this in terms of foreign exchange rates. Will the cost be at the conversion rates of 1989 or as on date of selling?
Thanks.
Queries -1) Will he get indexation benefit on sale of this property. 2) The cost of the property purchased in UK Pounds at that time is UK pounds 1,00,000/= What will be the cost of this in terms of foreign exchange rates. Will the cost be at the conversion rates of 1989 or as on date of selling?
Thanks.
11 April 2011
1) You will get the benefit of indexation.
2) first, you have to calculate the capital gain in pounds today and then you have to convert the said capital gain in rupees on the date of sale or on the date of receiving money from the purchaser.
2) first, you have to calculate the capital gain in pounds today and then you have to convert the said capital gain in rupees on the date of sale or on the date of receiving money from the purchaser.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Offsetting interest income against derivative trading losses
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
