Hi I recently became british citizen.I was holding Indian passport before that.Can anyone tell me what are the sequences if I want to sell my properties(residential plots and house),which I acquired when I hold Indian passport.Do I need to pay any extra tax for that?
RE:How NRIs can sell the property in India
by saunak on Aug 21, 2006 07:58 PM Permalink
Babu, You are POI and you can sell your immovable property to any Resident of India, but if you want it to sell to any Non Resident/POI then you need a permission of RBI. So, it is advisable to go to India and sell your peroperty to Resident Indian.
RE:How NRIs can sell the property in India
by GagandeepP on Aug 21, 2006 09:12 PM Permalink
An NRI can sell its properties to any Indian resident or NRI or PIO. However a PIO can sell immovable property only to a resident of India.
In both the cases the required Capital Gains Tax shall have to be paid if applicable by calculating the Capital Gains either Long Term or Short Term.
Do revert fro any further info /querry Thanks.
CA. Gagandeep Cell: +91-98111-21322 gs55@ rediffmail.com
