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Home sale tax: What returnees must know
Mint Bangalore
|March 04, 2025
I've worked outside India for 12 years but I will be relocating back to India in April for better opportunity at an MNC.
In India, I have one residential property from 2010 which I will sell and instead purchase a bigger one. Approximately how much tax will be there on the sale so that I can plan budget for a new property?
-Name withheld on request
Since you will be permanently returning to India in April, your stay in the country during financial year 2025-26 will exceed 182 days. Consequently, you will be classified as a resident under the Income Tax Act, 1961. If you were a non-resident in at least nine out of the last 10 financial years or if your total stay in India during the past seven financial years was less than 730 days, you would be considered a 'not ordinary resident' for FY26.
This story is from the March 04, 2025 edition of Mint Bangalore.
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