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Abhishek Maheshwari (Consultant)     26 December 2011

It clearance for sale of property

Hi, I bought a residential property in India when i was indian resident. I have been in US for last 2 years and I am looking to sell that property. Do I need to get a IT clearance certificate for so that I can sell the property ? Appreciate your inputs. Thanks, AB


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 2 Replies

adv. rajeev ( rajoo ) (practicing advocate)     26 December 2011

No need to take permission from the IT dept., to sell the property

C. P. CHUGH (Practicing Lawyer)     09 January 2012

Since you are out of india for more than 182 days and thus are Non-resident for the purposes of income tax, the buyer of the property will be required to withholding tax at the prescribed rates. You will be required to file you income tax return and compute long term capital gains/loss and discharge your tax liablity.  Any excess amount would be refundble to you in case your liability is less than the withholding tax.  Only then, you would be permitted to repatriate the sale procees of your house to US if you wish to. 


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