INCOME TAX

Querist : Anonymous (Querist) 22 May 2011 This query is : Resolved
Mr. x a NRI, residing at USA for last 33 years, he bought a flat in Kolkata 35 years ago,but have no PAN,and have NRI bank Account in Kolkata, now in 2011 he wanted to sold that property. my query is (a) whether his sell consideration is amount to capital gain, if yes what is the rate of capital gain. (B) IF he wanted to convert the sell consideration transfered to U.S Doolars through his bank account any permission from RBI, Income Tax authority is to be needed give procedure.

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A V Vishal (Expert) 22 May 2011
He can sell the property and repartiate the proceeds however the benefit of indexation is not available to NRI and the rate of tax on CG is 20.6%. Further he will need to furnish a Form 15CA & 15CB along with Form A-2, to repartiate the sale proceeds.

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