29 March 2014
As a resident, my son booked an under construction flat. He intends to migrate and sell it later after getting possession and to repatriate the sale proceeds. 1. Has he to hold the flat for 10 years after possession as I read somewhere, or 3 years after possession or there is no restriction now; i.e. can he sell it any time, after paying applicable STCG/LTCG tax. 2. I presume the proceeds will be placed in NRO a/c. Apart from Capital Gains, is there any other tax further payable before actual repatriation such as a withholding tax of 30.09 % etc., as other writers merely refer to other applicable taxes? What other taxes?. 3. Is the present yearly property sale repatriation limit $1 million or $75000?
30 March 2014
Thanks, My question was - can one repatriate after 6 months after possession and after paying STCG? My main questions relate to item 2 and 3 relating to applicable taxes before repatriation, and repatriation limit per year. D C Bhargava
CAclubindia
