Dear Members.. can u pls help me with this..........

Now it is almost eight to nine years that I am living in Dubai.
Recently I purchased a residential apartment in Pune (jointly in my & my wife's name).
But our ancestral house in India is being sold. We will be receiving India currencies.

My query is
> what kind of account do I need to open to receive the money.
> do I hv to pay tax on this sum of money.
> if I invest this money in India wud I be entitled tax benefits.
> can i repartriate this money outside India

Thanks & Regards
noel
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  • Can repatriate the sum

    Dear Noel,

    I think I can give some idea as to what to do in this situation...

    - You need a Non-Resident (Ordinary) Account to deposit the sale proceeds of your ancestral home.

    - Tax will have to be paid due to the capital gains. But make sure that you take into account the cost of the flat when it was purchased and index the same.

    - You can deposit the money (up to Rs 50 lakhs) in notified bonds for saving tax. Alternatively, you can invest the sum of money in purchasing a new residential property.

    - The amount can be repatriated after paying the tax.

    Best of Luck !!!
    CommentQuote
  • Hi varun,from where did you got all this information?
    r u a tex consultant..good knowlege
    keep it up!!
    CommentQuote
  • Hello Earth..............

    Living in Dubai are we ???

    Well havent you read any of the local newspapers then which feature NRI problems almost daily ???

    Best for you is to (when in India) go speak to your bank who will guide you to the latest laws and applicable points to you.




    quote=noel;1758]Dear Members.. can u pls help me with this..........

    Now it is almost eight to nine years that I am living in Dubai.
    Recently I purchased a residential apartment in Pune (jointly in my & my wife's name).
    But our ancestral house in India is being sold. We will be receiving India currencies.

    My query is
    > what kind of account do I need to open to receive the money.
    > do I hv to pay tax on this sum of money.
    > if I invest this money in India wud I be entitled tax benefits.
    > can i repartriate this money outside India

    Thanks & Regards
    noel
    CommentQuote
  • yes NRIs can easily invest in india.
    CommentQuote