Hello all the Income Tax Experts . I have some questions regarding the legal Points of the NRI people .I am a Novice person in Income Tax need your help ,suggestion and valuable advice . I am working
abroad earning Rs 60000 /month after Tax . Which I had already declared to the IT dept .
Now my question to all the Honarable IT expert is . My father recently died on 2010 keeping a unmoveable
Property . As I am staying aborad and trying to settled here . So no longer I am able to keep that Unmoveable
Property like this as I can´t look after it from aboard Now I wish to sale that Property . So if I get the huge
amount of Money from the Property say nearly Rs .1,5 Cr how I can transfer this money to aborad legally from
the eye of Income Tax .
Also is there anyway to save the Income Tax from this huge amount . As I heard in the Capital gain (is this under a capital gain )you need to pay maximum 30 % tax . If that is the situation then how can I reduce this tax burden . I need your suggestion please . As I don´t know so much about Income Tax .My next question is if the buyer pay some money as White and some in black . Is there any path to make that black money to convert in white.
As the buyer will pay the current registration(Price) amount in white rest amount I have no way to show to
Income tax in that situation what steps I must take . Please could you provide the advice.
As per Income tax provision you have to tax on long term capital gain. We can not suggest white and black money in this forum. Whatever the sale amount or FMV mentioned in sale deed by the Registrar will be taken up for calculation LGCT.
The long term capital gains arising to you from the proposed sale of the property inherited from the father, has to be computed. After remitting the incometax, you can remit the balance money abroad with the RBI's permoission, thru your bank.
This Forum is not to guide regarding the white/black portions.