Tax Implications on NRI on Selling a Property

In India, tax rules on selling a property applicable to an NRI is different from which is applicable to Indian sellers. Here is a short note on tax implications on NRI on selling a property.

•    Capital gains

If an NRI sells a property within two years of purchasing it, then the short-term capital gain from it is subjected to tax deductions. If the period of property hold is more than 2 years, he has to pay 20 percent of capital gains from the property.

•    TDS                      

If the buyer sells the property sells the property within 2 years of purchase, the applicable TDS( Tax Deducted at Source) is 30 percent.

•    Saving on capital gains

The NRI can save on capital gains if he invests in another property or capital gain bonds under section 54 EC of I-T Act.

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