Hi, I am planning to sell a property in India. Price when bought in India in 2005 - INR 25 lacs. Price when being sold in 2017 - INR 70 lacs. Indexed price of the property in 2017 - INR 55 lacs. The long term CG calculated in India - INR 70 lacs - INR 55 lac = INR 15 lacs. The tax @20% = INR 3 lcas.
Now how will the CG be calculated in UK ? Is the CG calculated as INR 15 lacs converted to GBP and then £11000 CG Relief added ? or will CG be calculated in UK as INR 70 lacs - INR 25 lacs = INR 45 lacs ?
The remaining amount taxed at 18% or 28% minus India Tax Relief of 20% as per GTAA.
Thanks
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