Question ID : 40726

Taxability to a Foreign Citizen in India

Sirs, A person was born and educated in India later he migrated to Australia in 1985, now he is citizen of Australia and posses Australian passport since 1999. Now he has sold his ancestral property in India, on which there is some LT capital gain. Is he entitled to take benefit of section 54F and 54EC. If he pay income tax what will be the rate of tax. If his income become fully tax free by virtue of sec. 54F or 54EC, does he still require Form 15CA (and so form 15CB) for remittance of the fund from India to Australia after stipulated time. Please advise.

YES, NRI IS ABLE TO TAKE BEFNEFIT OF SEC. 54F AND 54EC. YES, HE WOULD BE REQUIRE TO SUBMIT FORM 15CAFOR REMITTANCE OF FUND.