Selling property by pr-nri-in singapore

kewalkrishanjandial (Querist) 24 March 2012 This query is : Resolved
Dear colleagues.
A nri holding PR of Singapore while doing job there, acquired an residential apartment from his salary income savings and bank loan. Now about two years back he has shifted to India and is doing job in one of the metro cities.He if disposes of his above property in Singapore and after setting off the bank loan from the sale proceeds, transfers balance amount to his NRE Account being operated by him for the last ten years. How this amount will be treated in India for tax purposes i.e whether it will be taxable or not, if yes at what rates and under which provisions of Income Tax India.

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Raj Kumar Makkad (Expert) 24 March 2012
As the house property was purchased from the money earned while residing in Singapore and the same is going to be sold now and its sale proceeds are proposed to be credited in NRE Account of that person, no tax liability accrues against him as per Income Tax Act and the same shall be tax free income.