Tax on Capital Gain of NRI
This query is : Open
07 August 2017
Can anyone solve the below problem?
Two NRI people jointly bought a house property on 02/01/2007 for Rs. 10,51,000.
They sold the same on 12/04/2016 at for sale consideration of Rs. 35,00,000.
Compute the Amount of tax liability of each person for A.Y 2017-18 assuming there is no other income.
07 August 2017
Adjust the cost of inflation to arrive at the indexed cost of acquisition. You may find the cost inflation index for 2016-17 and 2006-07 in the income tax website.
Then reduce the same from sales consideration to arrive at capital gains. Fully gains will be taxable as there is no basic exemption limit available for NRIs
07 August 2017
Ok thanks... And do we get any benefits due to loan taken on the house, the repayment of which is completed on 21/01/2016?
07 August 2017
No. Only Long term capital loss can be used for setting off long term capital gains. Therefore no benefit like interest repayment on loan is possible
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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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?
Trending Online Classes
CAclubindia
