Permission from RBI - benefit of DTAA

[Guest]

one of my relative is a nonresident indian. he is settled canada for two decades . he has one flat in india he purchased when he was nonresident from govt development authority. He now proposes to sell the house & pay capital gain tax inindia & all taxes that are leviable & balance amount repatriates outside through banking channels. The question is weather he needs any permission from RBI. ? & CAN HE repatriate the sale proceeds after paying all taxes in india ? can he get any benefit under DOUBLE TAXATION AVOIDENCE AGREEMENT ?

AI Summary

Non-resident Indian selling property in India: RBI permission and DTAA benefits clarified for repatriation of sale proceeds. A non-resident Indian, settled in Canada, plans to sell a flat in India and repatriate the proceeds after paying applicable taxes, including capital gains tax. The individual inquires whether permission from the Reserve Bank of India (RBI) is needed for this transaction and if benefits under the Double Taxation Avoidance Agreement (DTAA) apply. In response, it is clarified that capital gains from property in India are taxable in India. For remittance of the sale proceeds, consulting with a bank handling foreign exchange transactions is advised.