arun rs (arcticle) (52 Points)
13 January 2017hi friends,
An Overseas citizen of India holding US passport, sold some inheritted agricultural land in India and want transfer the proceeds from NRO account to NRE account. Is there any tax to be paid in India. ?
Is there any tax payable in the USA ?
Please Help
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170094 Points)
Replied 13 January 2017
Agricultural land in some specified area, is capital asset, and when sold, capital gain arises, which is taxable.
So, any registered CA's certificate will be required for the transfer of the amount to NRE acc.
Being US citizen, check any tax liability in USA, with any expert there; but once any tax paid in India, you will get compensation as per DTAA between two countries.
For more details refer: https://www.hdfcbank.com/htdocs/common/pdf/FEMA_Declaration.pdf
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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