Posted on: 18-02-05 12:03:59
Hi
It would be great if somebody could help me with this or point me to resources where I can get more info.
As an NRI, if we sell our house in India, how and where can we buy FOREX. I am obviously aware of buying it through SBI or other banks. What I am trying to find out about is buying it in the open market like through AMEX foreign currency exchange or other 'dealers'.
Also if you buy it through Amex or dealers, is the amount in rupees given to these people taxable IN INDIA.?
If forex is purchased through banks like SBI etc. is that money(sale from the house) taxable in India? and how else can foreign currency only be purchased by check and/or cash? (I am not referring to hawala).
Also if anybody knows of any limits etc...
Thanks
Check out this link:
http://www.mumbaipropertyexchange.com/bi_repatriation.asp
thank you Crenshaw.
So it seems that people can bring upto $100000(US) from the bank itself.
From the link, one can also assume that this money(gained from sale of immovable property) is not taxable in India.(The post does not state this specifically.. but)
So to get upto $100000 from the bank, it is assumed that this money has to be presented to the bank in the form of a draft/cheque.
I did see on the SBI site that you can present upto Rs.50000 in cash as well and purchase forex. Does somebody know if this Rs.50000 is a one time thing or you can purchase forex with cash elsewhere(not necessarily illegally)
thanks
Quote:
Orginally posted by yellowknife
one can also assume that this money(gained from sale of immovable property) is not taxable in India.thanks
I may have not precisely understood what you intend to convey, but any capital gain on the sale of an immoveable property in India should be subject to Indian taxation. I assume that you are a Canadian resident, so you will also have to review Canadian tax implications!
There would of course not be a tax on repatriation of the funds, such a tax would be implausible.
The usual disclaimer: I’m not an expert on Indian taxation matters or foreign exchange regulations / legislation.
I had no idea that I could possibly have tax liabilities in Canada from sale of property in India.. I need to investigate this..
thanks
If anybody can point me to a resource (online) or know of some accountant who is familiar with Taxation in India(specifically from sale of property) please let me know.
As a Canadian resident even with NRO accounts I gather I will have to pay taxes in India from sale of property(inherited). I would like to find out how this would be calculated.. etc.
thanks
I will ask when I go to file taxes this year.
We have ahouse in India that we would like to sell.
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