14 January 2011
A=Foreign Citizen B= Non Resident Indian A holding flat in mumbai,Cost of Acq. = 1.4crore in the P.Y 03-04, sold flat to B in the P.Y 10-11 for Rs.1.7crore. All payments made in Dubai only.
q1. Is return required to be filed by the foreign citizen ? q2. what about repatriation of sale proceeds ? q3. double taxation applicability ? q5. Sec 54 applicability ? q4. other Sections applicable ?
16 January 2011
1.The return shall be required to filed by Foreign Citizen. 2.The sale proceeds upto 1.4 crore are freely repatriable and the balance after payment of taxes can be repatriated in stages. 3.there is no releif in India UAE DTAA. 4.sec. 45 to 54. 5.sec 54 shall be applicable.
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