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Sale of immovable property in India owned by a Non-resident (NR) individual is a more tedious affair as compared to sale/ transfer made by a resident of India because of the compliances and tax implications attached to the sale. As a first step, the individual must correctly determine his/ her residential status in India with the help of the rules laid down in Section 6 of the Income-tax Act, 1961 (Act).
Residential status is determined afresh for each financial year and hence, the individual must analyse the same for the financial year in which he/ she intends to sell the immovable property in India. This determination of residential status plays an important part to further determine the scope of income taxability, rate of applicable tax and type of tax return form to be used for filing the Income-tax Return (ITR) in India.
How is the sale of immovable property taxed in India?
An individual who does not trade in sale/ purchase of immovable properties may incur capital gain or capital loss on sale of his/ her immovable property. This gain/ loss needs to be disclosed under the head ‘income from capital gains’ when filing the ITR since the immovable property qualifies as a ‘capital asset’ for such an individual. Such gain is calculated by reducing the cost of acquisition of the immovable property and eligible expenses from the sale consideration receivable on sale/ transfer of such immovable property. In case of long-term gains, benefit of indexation is available which helps to enhance the cost of acquisition by applying government defined cost of inflation index factors which essentially helps to lower the amount of capital gains and thus lower the tax liability for the taxpayer.
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