Income Tax Expert Interview Question:

Tell me suppose if a NRI buys property in India, does he has to pay property tax?

Submitted by: Muhammad

Any income or capital gain that the NRI generates from the sale/ rent or lease of a valued property or an asset based in India will be taxed as per the Income Tax rules. f the property is more than 3 years old, long term capital gains tax will be incurred on the sale of the property. On long term capital gains, tax is payable at 20%.
Submitted by: Muhammad