Capital gains on sale of property by nri in india

Yogesh Kini (Tax Consultant) (86 Points)

21 October 2017  

Hello Sir,

I am an NRI having two joint flat purchased in year 1989 in mumbai having cost for Flat No.1 Rs. 7.75 Lakhs and Flat no.2 Rs.4.45 Lakhs. Both the Flats are joint Flats and there are two joint owners of Flats (Me & My Wife). I have sold both combined flats as a single unit for consideration of Rs.4.5 Crores (Agreement Value) in the year 2017. My queries related to these are as follows:

1. How do I calculate long term Capital Gains and where do i can invest the same amount (means whether I should purchase another property in India or any other investment that will be benificial for me)

2. Can I Transfer the full Consideration amount received in India to Canada, if yes, then whether it will effect my taxation under capital gains and how.  

3. What will be the rate on TDS on property for NRI if I sold same flat.

4. What are the documents that are to be given to Buyer for calculation of capital gains tax and same will be paid and TDS return will be filed by buyer on my behalf to Income Tax Department.

Please Guide me for the same.

 

Thank You.