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. | 
