Client is an OCI holder based in the US and is selling a property in India and buying another property. Need guidance with tax related to the transactions and repatriation of funds to the US.
Amish Maknojia (Student) (507 Points)
14 May 2023Client is an OCI holder based in the US and is selling a property in India and buying another property. Need guidance with tax related to the transactions and repatriation of funds to the US.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 14 May 2023
If he is selling HP with Long term holding, he can claim exemption u/s. 54 of IT act, by purchase of new HP.