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 ?

[Surender Gupta]

Once the house property is situated in India, any capital gain arising out of such capital asset is taxable in India. For remittance of foreign exchange you may consult your bank dealing with foreign exchange transaction

AI Summary

Taxation of capital gains: nonresident seller's gain on Indian immovable property taxable in India; repatriation subject to banking/RBI procedures. Capital gains on immovable property situated in India are taxable in India; the seller should pay applicable Indian taxes and consult the bank handling foreign exchange transactions regarding repatriation procedures and any regulatory permissions required from the Reserve Bank of India.