Capital gains to usa citizen

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ashay (Querist)
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04 August 2012 WE HAVE A CLIENT WHO HAS RECEIVED A SALE CONSIDERATION OF RS 92,00,000 FORM SALE OF A FLAT, THE SALE TOOK PLACE IN JULY,2012. THE PURCHASE PRICE OF THE FLAT WAS 25,00,000 IN YEAR 2003. MY QUESTIONS ARE AS FOLLOWS :

1) AS THE INDEXATION FOR YEAR 2012-13 IS NOT YET ISSUED WHAT INDEXATION SHOULD I TAKE TO CALCULATE CAPITAL GAINS ?

2) HOW MUCH AMOUNT CAN BE REPATRIATE BY A BANK ?

3) THEIR EXIST A DTAA AGREEMENT BETWEEN US AND INDIA AND THE US CITIZEN WANTS TO PAY TAX IN INDIA SO WHAT ARE THE EXEMPTIONS AVAILABLE TO HIM ?

4) WHAT RULES OF FEMA ARE TO BE CONSIDERED IN THIS CASE ?

5) WHAT ARE THE OPTIONS FOR AVOIDING TAX IN INDIA AND USA ?

Yogesh Agarwal

Yogesh Agarwal (Expert)
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04 August 2012 Dear Ashay

you may like to refer article contributed by me in this regard titling "Purchase of Immovable property from Non Resident" where in your query is well resloved..

So far FEMA is concerned there is no restriction on making payment for purchase of property situated in India...

Please revert if still you have any query..