General
permission
has been
given to
non-residents
holding
Indian
passports
and
foreign
citizens
of
Indian
origin,
whether
resident
in India
or not,
to
dispose
of by
sale or
inheritance
immovable
properties
situated
in India
subject
to
certain
conditions.
Non-residents
holding
Indian
passports
and
foreign
citizens
of
Indian
origin
have
been
allowed
to
repatriate
original
investment
in
equivalent
foreign
exchange
in
residential/commercial
properties
after
obtaining
prior
approval
subject
to a
maximum
of two
houses
under
certain
conditions.
No
transfer
of any
immovable
property
exceeding
the
specified
value
for
different
cities
can be
effected
unless
particulars
are
filed
with the
appropriate
authority
of the
Income
Tax
department
within
15 days
of
signing
the
agreement.
As per
a new
scheme
of
capital
gains
tax with
effect
from
1993-94,
instead
of
deducting
from the
proceeds
of
transfer,
actual
amount
spent to
acquire
the
asset or
the
amount
spent on
improvement
or
addition
thereto,
the
inflation
index
adjusted
cost
will be
deducted.
Brokerage,
legal
fees and
other
expenses
incurred
in
selling
the
property
would be
allowed
as a
deduction
from the
taxable
capital
gains.
