11 December 2013
Individual residing outside india has sold his HP in india and he wants to remit all sale consideration outside india. Whether tax is deducted on remittance outside india ?
11 December 2013
He cannot remit all the proceeds without deduction of tax (as capital gain tax has to be paid and net amount can be transferred
However, in case the proceeds are to be invested in property in abroad benefit of exemption under section 54 can be availed and no tax is to be paid (but the amount has to be routed through special account capital gain account) Or assessee has to pay tax and then claim refund
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