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Exemption of Long-Term Capital Gains regarding Residential House Property (Section 54) in case of NRI

[Capital Gain of an NRI could be Completely Exempt from Income Tax]

An NRI is permitted to invest without any formal permission of RB! in a residential house property in India. The residential house property may be self-occupied or a tenanted one. If there is a long-term capital gain on the sale of a residential house property, then it is provided in Section 54 that if the long-term capital gain is fully invested in the purchase of a residential house property, within one year before or two years after the transfer of the first house property, the entire long-term capital gains would be fully exempt from income tax. Further, this exemption is also available if the entire long-term capital gain is invested in the construction of a new house property in three years from the date of the transfer. However, if the long-term capital gain exceeds the cost of the new property so acquired, the excess would be taxable.
 
Capital Gain of an NRI could be Completely Exempt from Income Tax
1. Exemption of Long-Term Capital Gains regarding Residential House Property (Section 54)
2. Exemption of Long-Term Capital Gains from any Capital Asset On Investment In House Property (Section 54F)
3. Exemption of Long-Term Capital Gains On Investment In Bonds of NHAI & REC
4. Exemption to facilitate the Conversion Of Partnership Firm into a Company
5. Exemption from the Levy Of Capital Gains Tax to facilitate Conversion Of Sole Proprietary Concern Into A Company
6. Computation of Capital Gains In Real Estate Transactions
7. Other Important Exemptions Regarding Capital Gains Available to NRI
8. Cost Inflation Index And Computation Of Capital Gains in case of NRI
9. Reduction Of Tax Rate On Long-Term Capital Gains In Regard To Shares And Securities
10. Concessional Rate Of Tax On Income From Certain Global Depository Receipts
11.Tax Treatment Of Capital Gain On Sale Of Shares, Debentures, Etc. Received Under ESOP
12.Provisions Relating To Set-Off Of Long-Term Capital Loss And Carry Forward Thereof ModifiedSections 70 and 74
13. Exemption Of Long-Term Capital Gains On Securities And Lower Tax On Short-Term Capital Gains
14. Issue of Foreign Currency Exchangeable Bonds Scheme, 2008
15. Miscellaneous provisions’ regarding Capital Gains in case of NRI
 
 
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