I, alongwith my brothers, am selling a residential property. I am an NRI. - I, alongwith my brothers, am selling a residential property. I am an NRI. - Ask the Expert - Fee Only Investment Advisers

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I, alongwith my brothers, am selling a residential property. I am an NRI.

What will be the tax implications for this? How much maximum amount I can repatriate to the foreign country?

TDS will be deducted by the buyer at rate of 20% (plus applicable surcharge and cess) of the payment to the you. If you want lower TDS, you will need to apply for lower deduction certificate from the income tax officer online by submitting the actual working of long term capital gains.

You will need to pay long term capital gain (calculated in the regular manner) without the benefit of initial exemption limit of 2.50 lakhs.

Based on the laws of the foreign country, you might have to account for these capital gains in the tax returns there, on which you might have to pay capital gains tax after getting credit for tax paid in India.

You can remit USD 1 million equivalent every year after filing form 15CA and Form 15CB