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Showing posts from April, 2023

CAPITAL GAINS TAXES

Find below two major mobile applications created by the Income Tax Department of India.  Aaykar Setu Mobile App:  Launched by the Income Tax Department in 2017, Aaykar Setu provides users with quick access to all income tax-related services.  You can also use this mobile app to calculate the taxable capital gains amount.  mobile app comes with various tax tools that allow users to calculate tax amounts based on their financial circumstances.  The best part is that the Aaykar Setu comes with a Live Chat feature that helps users get in touch with tax experts and seek assistance if required.  The Chatbot available in the mobile application provides automated answers to queries with detailed user guides. HOW TO CALCULATE CAPITAL GAINS: SALE VALUE LESS COST OF ACQUISITION AND DEVELOPMENT AND IMPROVEMENT OF THE FLAT  68 LACKS LESS COST OF ACQUISITION AND IMPROVEMENT. NEARLY 30 LACKS SO CAPITAL GAIN LONG TERM IS ONLY ON 38 LACKS EVEN AT 20 % https://www.magicbricks.com/blog/how-to-calculate-c
How to bring money to us after selling a property in India? Prior to transferring funds from India to the US you'll need to  complete Form 15CB, and your bank will ask you to provide proof of the source of the money, such as a copy of the property sale agreement . As a NRI it may not be convenient to return to India to complete the sale of your property personally. In this case you can arrange a power of attorney through your closest Indian embassy or consulate in the US. Through this arrangement you can have your chosen representative in India complete all the steps required for the property sale without your presence being required https://www.mea.gov.in/images/pdf/acquisition-and-transfer-of-immovable-property-in-india. A person resident outside India who is a person of Indian Origin (PIO) can acquire any immovable property in India other than agricultural land / farm house / plantation property:-  A PIO may transfer any immoveable property other than agricultural land / Plantat