Wealth tax from the property sale for an nri
Akhil (Consultant) (21 Points)
08 November 2016Akhil (Consultant) (21 Points)
08 November 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185206 Points)
Replied 08 November 2016
1. Its not wealth tax, but liability of capital gains tax
2. If the plot you purchase of say, value 10 lakhs in 2008-09. So indexed cost would be say 20 lakhs.
3. Now say if you sale for 30 lakhs (present market value). you gain 10 lakhs, which subject to tax at 20%, roughly 2 lakhs.
Shivangi Garg
(Practicing Chartered Accountant)
(110 Points)
Replied 08 November 2016
Sir,
Long term capital gain on sale of asset is chargeable at the rate of 20.6% (plus surcharge as applicable).
Thanks
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