Queries - Repatriate funds from proceeds of property disposal in India

[Confusedsouls]

Hello,

I would like to have some generation information of fund re-partition from India. I fully understand that this subject needs help from a professional (CA/Lawyers), I am only trying to get a feel of this subject before approaching my lawyer.

Any pointers are appreciated:

1) What is the tax treatment of funds brought into Canada through bank transfer by permanent resident after the first year of settlement.

2) What is the tax treatment in India for long term capital gains tax when there is actually a capital loss. I believe the buyer of a property purchasing the property from NRI has to deduct about 23% of the transaction value as capital gains tax and directly deposit with Indian Income tax department. The seller (NRI) will have to claim any refund when filing tax. Is this correct and is the deduction also applicable when there is a capital loss.

3) If the seller of the property was not an NRI at the time of purchase of the property, but became an NRI during the same financial year, and the loan payments were all made using overseas funds, is the fund re partition rules are same as NRI (which allows up to 1 million USD)?

4) The bank account using which the loan payments were made was not converted to NRO/NRO account throughout the term of the loan. It was converted to NRO/NRE account much later and it is still an NRO/NRE account. Does this impact the status of NRO criteria for the purpose of fund repatriation.

Thanks and Regards

 

[KRP]

Hello,

I would like to have some generation information of fund re-partition from India. I fully understand that this subject needs help from a professional (CA/Lawyers), I am only trying to get a feel of this subject before approaching my lawyer.

Any pointers are appreciated:

1) What is the tax treatment of funds brought into Canada through bank transfer by permanent resident after the first year of settlement.

2) What is the tax treatment in India for long term capital gains tax when there is actually a capital loss. I believe the buyer of a property purchasing the property from NRI has to deduct about 23% of the transaction value as capital gains tax and directly deposit with Indian Income tax department. The seller (NRI) will have to claim any refund when filing tax. Is this correct and is the deduction also applicable when there is a capital loss.( Not necessary if amt less than 50 lacs)

3) If the seller of the property was not an NRI at the time of purchase of the property, but became an NRI during the same financial year, and the loan payments were all made using overseas funds, is the fund re partition rules are same as NRI (which allows up to 1 million USD)?

4) The bank account using which the loan payments were made was not converted to NRO/NRO account throughout the term of the loan. It was converted to NRO/NRE account much later and it is still an NRO/NRE account. Does this impact the status of NRO criteria for the purpose of fund repatriation.

Thanks and Regards

You will need the help of a CA in India who will certify and Fill Form 15 ca/cb. You will need to contact your bank with the Ca certification and the funds should land your NRO account. The CA will tell you to pay advance tax if applicable. In july you will need to fill up the income tax return and if any extra tax is pending you will have to get it paid . You will need Pan and Aadhar card to do the above based transaction. Hope it helps. Its not lawyer but a CA should be contacted.