AK
A.K.
Project Director, Muscat
“Oman's rate is 10%... better than UAE's 12.5%. Was paying 30% for 15 years. Fifteen years. The condonation filing alone recovered ₹4.7 lakhs with Section 244A interest. Life-changing, honestly.”
Recovered ₹4,70,000
Stage · Active situation
You inherited the flat.
The buyer wants to close in 45 days. Your cost basis is from 1987.
Purchase deed from 1987 at ₹2.5 lakh. Offer today at ₹2.4 crore. The gap is not your gain, your parent's purchase date counts as your own under Section 49(1), and pre-2001 properties step up to the 1 April 2001 fair market value under Section 55(2)(b). That step-up alone usually saves ₹15–40 lakh. As an NRI you then pay a flat 12.5% with no indexation, the Finance (No. 2) Act 2024 election back to 20% indexed is reserved for residents.
Illustrative only. A CA will verify every number before you sign.
NRIs we've guided through inherited-property sales
Grandfathering done right. Form 13 filed pre-deed. Repatriation unblocked.
Want a CA to verify the cost basis before you list?
We pull the 1 April 2001 FMV report, file Form 13, and handle Section 54 reinvestment.
Senior CA who specialises in NRI tax · we deal with the tax officer, you don't
Related situations
Selling inherited property usually triggers 2–3 parallel problems.
One NRI tax problem usually opens a door to the next. Here's the most likely next step from where you are right now.