 | Yahind Regionals |
|
 |
Sale Of Immovable Property
- General permission has been given to non
residents holding Indian passports and foreign
citizens of Indian origin, whether resident in
India or not, to dispose of by sale or inheritance
immovable properties situated in India subject to
certain conditions.
- Non residents holding Indian passports and
foreign citizens of Indian origin have been
allowed to repatriate original investment in
equivalent foreign exchange in
residential/commercial properties after obtaining
prior approval subject to a maximum of two houses
under certain conditions.
- No transfer of any immovable property exceeding
the specified value for different cities can be
effected unless particulars are filed with the
appropriate authority of the Income Tax department
within 15 days of signing the agreement.
- As per a new scheme of capital gains tax with
effect from 1993-94, instead of deducting from the
proceeds of transfer, actual amount spent to
acquire the asset or the amount spent on
improvement or addition thereto, the inflation
index adjusted cost will be deducted. Brokerage,
legal fees and other expenses incurred in selling
the property would be allowed as a deduction from
the taxable capital gains.
Exemption From Capital Gains On Sale Of Residence
- Capital gains arising on transfer of a
residential house, comprising buildings or land
appurtenant thereto, is exempt if the amount of
capital gains is utilized in acquiring another
residential house, either by purchase or by
construction. The exemption cannot be claimed for
vacant land as it is niether a residential house
nor income therefrom is chargeable. The conditions
required to be fulfilled to claim exemption here
are :
- the capital asset being transferred is a
residential house, including self occupied house
- income from the house is chargeable under the
head - Income from house property
- the house is a long term asset
- the tax payer purchases or constructs a new
residential house within the time specified
|
|
