I migrated to USA from India and now am an American citizen. I inherited some agricultural land from my mother in India. Now i want to sell that land in India to an Indian citizen living in India and bring the money after sale to my bank account in USA. I am told that I can bring up to one million dollars /year.. the amount from this sale would be much less than the allowed upper limit of one million. I want tax advice on capital gain taxes to be paid in India from a competent tax lawyer in New Delhi India and need his advise on what forms etc. to be filled before bringing the proceeds to USA
There are number of lawyers on this website from Delhi
you can seek phone consultation and contact any of them
Agricultural land in Rural Area in India is not considered a capital asset. Therefore any gains from its sale are not taxable under the head Capital Gains. ...
let me Know the phone no. and address and firms name in new Delhi to contact
Search in website for lawyers from Delhi
we don’t have phone numbers and address of the lawyers
you can obtain contact details from website
Dear Client,
The capital gain tax depend upon the fact whether it is long term capital gain or a short term capital gain. In case it is a short term capital gain the tax is as per tax slab and in case of long term capital gain the tax chargeable is 20%. Documents you need Passport, PAN Card (it can be made with foreign address), Address proof, Tax return, Sale deed, occupation certificate and encumbrance certificate.
Thank You.
The agricultural property especially situated in the rural areas don't come under the category of capital assets.
Hence you may not have to pay capital gains tax on selling the agricultural property.
You can contact any consultant hailing from Delhi on all such further issues.
You can search for the same through internet or Google search too.
The buyer will deduct tax deducted at source from the sale price and pay balance to the seller
If that amount is below the threshold limit set by RBI you can directly remit it to the USA
For the TDS which is deducted by the buyer and deposited with government, you can file a income tax return and claim refund if you are eligible
If you need any further assistance then you can approach me through kaanoon or LinkedIn.
