Sell land outside Mohali/Chandigarh and bring money to UK - Indian Real Estate Forum

Indigill · 26-07-12

Hi i am an NRI living in UK. I have a prominent piece of land outside Mohali (more than half acre) on a main highway. I am looking to sell it in next 2-3 months and bring the proceeds of the money back to UK. At the moment it is agriculture land (in my name) but in next 4-5 months it will be in the city limits (hence many people looking to buy it). How do i bring the proceeds upwards of 3 Cr to UK and what will be the tax implications ? I am told if i sell it whilst it is agriculture i do not pay tax. Mind you this was bought a long time back and is not in default of rule where NRI's are not allowed to buy agriculture land.

rgoyal · 08-08-12

Talk to some good CA in India. It will cost you may be 5000 rs but you will get correct advise.

26-07-12	#1
Indigill Senior Member Join Date: Jul 2011 Location: UK, Canada, India Posts: 631 Likes Received: 358 Likes Given: 142 My Mood:	Sell land outside Mohali/Chandigarh and bring money to UK Hi i am an NRI living in UK. I have a prominent piece of land outside Mohali (more than half acre) on a main highway. I am looking to sell it in next 2-3 months and bring the proceeds of the money back to UK. At the moment it is agriculture land (in my name) but in next 4-5 months it will be in the city limits (hence many people looking to buy it). How do i bring the proceeds upwards of 3 Cr to UK and what will be the tax implications ? I am told if i sell it whilst it is agriculture i do not pay tax. Mind you this was bought a long time back and is not in default of rule where NRI's are not allowed to buy agriculture land.

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08-08-12	#2
rgoyal New Member Join Date: Aug 2010 Posts: 4 Likes Received: 0 Likes Given: 0	Talk to some good CA in India. It will cost you may be 5000 rs but you will get correct advise.