Part fifty four (Household Property): NRIs can assert an exemption by reinvesting the gains from an extended-phrase household property sale into another residential property in India.
Also, the NRI shouldn't individual more than one house property (besides the new house), nor should the NRI purchase or assemble another household house within two several years or 3 years.
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An inactive PAN can result in substantial troubles, In particular when making use of for lessen TDS certificates, where by an Lively PAN is a mandatory necessity.
Of course, the tax are going to be payable around the sale of this sort of property in India @ twelve.5%, nevertheless, you may get hold of the advantage of a tax treaty among India as well as your latest jurisdiction, if any.
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This new house property has to be situated in India. check here The exemption under area 54 shall not be obtainable for properties bought or manufactured exterior India to claim this exemption.
The person who gets the income following deduction is known as ‘deductee’, whilst the individual cutting the tax is ‘deductor’.
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The benefit of this exemption is on the market when You will find there's LTCG over the sale of any cash asset in addition to a household house property. To say this exemption, the NRI must purchase 1 house property within just one 12 months just before or two decades following the day of transfer or assemble just one house property inside three years once the day of transfer.
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