A PIO, has become a Resident for two Financial Years 2015-16 and 2016-17 due his Stay in India for More than 182 days. He sold his house in USA in April 2015 and remitted the sale Proceeds to India immediately of US $ 500,000. He says there are no Capital gains as the Purchase price and Sale Price are almost same. However he says there is No capital Gains Tax if the Property sold is for 500,000 US $ and below.
Now this case has been selected for Scrutiny for other Reasons and how to deal with this.
- If Capital gains are exempted in USA, in Indian ITR how to make calculation for Capital Gain and claim Relief under DTAA
- If what he says is NOT true regarding the Exemption amount, how to show this in Indian ITR
Is there Long Term Concept(2 years/3 Years holding period)
Please throw some light on this