friends
A land wic is purchased in india in 1991 by an indian later wic he went to aboard and got settled there, now he wants to sell the land.
what is the tax implication?? and can he get any exemption under income tax act 1961 ???
shruthi.v.ramu (Senior Associate @ Grant Thronton US) (72 Points)
03 February 2011friends
A land wic is purchased in india in 1991 by an indian later wic he went to aboard and got settled there, now he wants to sell the land.
what is the tax implication?? and can he get any exemption under income tax act 1961 ???
pravin
(student)
(38 Points)
Replied 03 February 2011
Dear Shruthi,
1. I understand from your question that it is only land
2.Any assets sold in india will attract Capital gain.
3. yes Tax exemption can be availed U/s.54EC or 54F
| Originally posted by : pravin | ||
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Dear Shruthi, 1. I understand from your question that it is only land 2.Any assets sold in india will attract Capital gain. 3. yes Tax exemption can be availed U/s.54EC or 54F |
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