Sale of immovable property in India taxed in year of sale1 min read 21 Sep 2021, 11:48 PM IST
Any immovable property held for more than 24 months is classified as long-term capital asset and the taxable capital gain on them will be the sale consideration less expenditure, less the indexed cost of acquisition, less the indexed cost of improvement
I am a citizen of Singapore. I bought an apartment in Chennai in 2014 for ₹40 lakh. I now intend to sell the flat with no profit. How should I account for the proceeds from the sale? Is there any formality that I should comply with? Funds for the purchase of the apartment had come from my NRE (non-resident external) account. All funds remitted to this account were made from Singapore.
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