Query from an (NRI) friend: What do I do to save on taxes from the - TopicsExpress

Query from an (NRI) friend: What do I do to save on taxes from the sale of my inherited property in Mumbai? A: Amount not exceeding $ 1million per financial year subject to documentary evidence of inheritance & tax clearance certificate from tax authority to authorized dealer for remittances is allowed. Firstly you cannot transfer the amount you received by the sale of the property (in India) outside India without paying taxes in India as well as in residing country. If you intend to save taxes and keep the property in India itself (good investment decision) then invest in stocks or property again in India. Best bet is property located near known and trusted person or relative. Please consult tax consultant and lawyer with your individual situation. Contact Buy With HPS – Your Real Companion (+91 9322590790 & info@buywithhps)

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