Capital gain tax

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  1. AKD

    AKD Member

    I would like to know provisions of Indian Laws regarding the following two situations.
    1. An American citizen of Indian origin inherits an immovable property (part of a building) in India
    after taking probate from an Indian court.
    Will she have to pay capital gain tax, if the property is sold to an Indian?
    2. Alternatively, will it attract gift tax, if it is gifted away ?
     
  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    If property is located in outside India,then for the purpose of taxation, we have to check the residential status of the person.
    If property is located in India and transferred thereon,then there is no need to check the residential status.Gain from sale of property will be straight forwardly taxable in all hands irrespective of residential status of the transferor.
    So here capital gain tax will be levied if the property is sold to either Indian (or) foreigner.

    Gift tax will not if levied if the property was inherited.
     
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