tax implication on NRI for sale of property

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  1. lohith1717

    lohith1717 New Member

    Hello,
    My freind is an NRI he bought a 10000sft land at north bangalore in 2003 and now he has entered in joint venture with a builder and got some 20 flats as his share, the project is under construction now, if he wish to sell the flat what are the taxes applicable, should he pay Vat and service tax for the sale of flats, what is the land cost reduced while calculating income tax, please advice
    Thanks
     
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