Real Estate Sales
does anyone know for an NRI who sells real estate in India and has a gain, where do they file taxes for that income.can they pay taxes abroad if they are not living in India.Please advise? more
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Mar 30
To the best of my knowledge in the case of an NRI, if the Property (that is being Sold) was purchased solely with Income earned from the Foreign Country, then Tax on any Capital Gains (regardless of where the Gain is generated) is payable in the Country in which the Salary Income is earned. The NRI in question has both options: i.e. to Pay Tax in India and get a Tax Credit in the Foreign Country OR Declare his /her Capital Gains in the Country of his residence i.e. the Foreign Country where he currently resides and works. more
Sep 30
Sh Ajay ji, first of all if a NRI sells property in India and the buyer is informed that the seller is an NRI, it is buyer obligation to deduct 30% TDS on the sale amount and then the seller, the NRI has to file the return with IT in India and claim refund if any etc.
It seems in your case that the buyer was not informed of the fact that the seller is a NRI and this is what most of the brokers do and keep the buyer in dark about it. Since the property is in India, you have to file your tax return in India and pay tax in India and show it as tax paid in your return in foreign country like USA where you have to declare your global income and pay tax as per tax treaty between India and US. You will get credit for tax paid in India, but you have to first pay tax in India. more
It seems in your case that the buyer was not informed of the fact that the seller is a NRI and this is what most of the brokers do and keep the buyer in dark about it. Since the property is in India, you have to file your tax return in India and pay tax in India and show it as tax paid in your return in foreign country like USA where you have to declare your global income and pay tax as per tax treaty between India and US. You will get credit for tax paid in India, but you have to first pay tax in India. more
Sep 29
