237. How to calculate capital gains for property in India

Q: HI, im an NRI living in uk, i bought a house in 1987 for 15 lakhs, I have now sold it for 4 crore rupees about 4 weeks ago. this is the only property i own in the world. can you advise how much tax i will need to pay. i would like to transfer all the money from india to the UK into pounds. can i declare this as my only house and pay no tax? secondly if i do pay tax do i need to pay in india or the uk thanks ravi A. Regardless of the number of houses you may have, NRIs when they sell their property in India have to pay capital gains tax. For more information on how to calculate capital gains on property sold in India check question number 211 where Step by step calculation of capital gains is shown.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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237. How to calculate capital

gains for property in India

Q: HI, im an NRI living in uk, i bought a house in 1987 for 15 lakhs, I have now sold it for 4 crore rupees about 4 weeks ago. this is the only property i own in the world. can you advise how much tax i will need to pay. i would like to transfer all the money from india to the UK into pounds. can i declare this as my only house and pay no tax? secondly if i do pay tax do i need to pay in india or the uk thanks ravi A. Regardless of the number of houses you may have, NRIs when they sell their property in India have to pay capital gains tax. For more information on how to calculate capital gains on property sold in India check question number 211 where Step by step calculation of capital gains is shown.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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