There are some tax Implications for NRI who want to sell property in India. If you sell your flat for a profit, you will likely be liable for capital gains tax.
The tax will depend on whether the property was held for the short term (less than 2 years) or long term (more than 2 years). Long-term capital gains tax for NRIs is typically 20% while short-term capital gains tax is taxed at the applicable income tax slab rate.
If the sale value of the property exceeds Rs 50 lakhs, the buyer will deduct TDS at the rate of 20% before making the payment to you.
India has DTAA (Double Taxation Avoidance Agreement) with many countries to avoid double taxation. You can claim relief under DTAA if you've paid taxes in India as well as in your resident country on the same income.
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Authors Of The Question
I want to sell my flat in Kochi and I am an NRI. Will the government take Taxes from me?
vijayroni
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1 Answers
11 months
2024-02-19T12:33:45+00:00 2024-02-19T12:49:53+00:00Comment
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