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 ???
2 Replies
shruthi.v.ramu
(Senior Associate @ Grant Thronton US)
(72 Points)
Replied 03 February 2011
guys pls reply
ashoka r d
(senior audit assistant)
(82 Points)
Replied 03 February 2011
certainly there is a long-term gain and that is taxable at the rate of 20%
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