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Q: What is the capital gain tax in India on sale of property?
A: If the property is ancestral property and held for more than three years in such case in such a case the capital gain on sale of this property would be considered to be a long term capital gain....
Q: What is the procedure to transfer money from sale of agricultural land in India?
A: On sale of property in India, up to one million US dollars per financial year can be transfered abroad after payment of taxes such as capital gains. A certificate from a chartered accountant is...
Q: Can an NRI sell property in India without PAN card or PIO and OCI card?
A: Even though you don't have PIO or OCI, your status when in India will be a Person of Indian Origin. Anyone who normally has Indian family links or was born in India is considered to be a person of...
Q: What is the procedure to repatriate funds from sale of property in India?
A: Many people are led to believe that they cannot transfer money abroad form the sale of property they own in India and end up dealing with illegal money dealers. Some get their money this way and...
Q: If an NRI has a property in India and wants to sell property, what are the tax implications and how can this money be legally transferred out of India?
A: In case of Property held for more than 36 months then on sale of such property, Long Term Capital Gain will arise. For calculating Long Term Capital Gain, Indexed cost of acquisition will be...
Q: What are the tax implications for an NRI to sell the property in India purchased before 10 years and can we repatriate the entire proceeds of about INR 60 lakhs out of India?
A: Before allowing any remittance to take place from India, the banker (authorised dealer) will need to ensure that the necessary taxes are paid on that amount. For this, the Govt has prescribed Form...
Q: I want to sell a property in India which I jointly own with my mother. I am paying all the mortgage amount as my mother has no incoome. I am an overseas citizen now. I have send my mother with power of attorney signed and sealed by the consulate. Do I have to pay taxes on sale of property, is there any way around it?
A: Yes, you will have to pay tax (short term or long term capital gains tax) on the total profit made by sale of the property.
You can avoid this tax only if your current property is a residential...
Q: Can an NRI sell real estate property in India by giving power of attorney for registering the sale deed?
A: Yes you can sell by giving a power of attorney (POA) to your relative but the POA needs to be a registered POA.
Q: Does an OCI/PIO need to be present in India for sale of Property?
A: No, it is not compulsory. The OCI/PIO can give registered Power of Attorney to another Indian citizen who can be present at the time of registering the sale of the property documents at the...
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