Q652. Rate of tax on property sold in India| Capital gain tax rate in India

Question: Property received asancestral after death of parents if sold rate of incometax

Can the amount repatriated to usa

How much amount can be repatriated any restrictions

thanks

Vaijnath Pargaonker Answer: The tax rate in India on property sold depends on how long the property was held. Since you say this is ancestral property, I assume it was held for more than three years and in such a case the capital gain on sale of this property would be considered to be a long term capital gain. Long term capital gains are taxed at the rate of 20% in India. The 20% rate is after indexation to reduce the capital gain has been applied. Can the amount be repatriated to USA? Yes How much can be repatriated? up to one million US dollars per financial year can be repatriated subject to payment of any applicable taxes. How to use indexation to reduce capital gains and how to repatriate are already discussed on this website. Here are the links to these pages: • How to calculate long term capital gains on property sold in India • Transfer money in India received from the sale of property to a foreign country
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
next next
previous previous
N
RI Information
Informing educating and connecting Indians across the globe . . . by Virendar Chand
NriInformation Questions &Answers
PREVIOUS
NEXT
Read Disclaimer at bottom of page

Q652. Rate of tax on property sold

in India| Capital gain tax rate in

India

Question: Property received asancestral after death of parents if sold rate of incometax Can the amount repatriated to usa How much amount can be repatriated any restrictions thanks Vaijnath Pargaonker Answer: The tax rate in India on property sold depends on how long the property was held. Since you say this is ancestral property, I assume it was held for more than three years and in such a case the capital gain on sale of this property would be considered to be a long term capital gain. Long term capital gains are taxed at the rate of 20% in India. The 20% rate is after indexation to reduce the capital gain has been applied. Can the amount be repatriated to USA? Yes How much can be repatriated? up to one million US dollars per financial year can be repatriated subject to payment of any applicable taxes. How to use indexation to reduce capital gains and how to repatriate are already discussed on this website. Here are the links to these pages: • How to calculate long term capital gains on property sold in India >> • Transfer money in India received from the sale of property to a foreign country >>
N
RI Information
Informing educating and connecting Indians across the globe
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
next next
previous previous
twitter Follow us on
NriInformation FAQ
Read Disclaimer at bottom of page