I am an Australian citizen. I had purchased a flat in Delhi 16 years back, which I want to sell. Will I need to pay the capital gains tax in India?
How much money can I repatriate to Australia in a financial year? —Prashantha K Sale of an immovable property (being a residential flat in your case) will be taxable in India in the year of sale of the property.
Any immovable property held for a period of more than 24 months is classified as a long-term capital asset (LTCA). In the case of an LTCA, the taxable capital gain will be net sale proceeds less indexed cost of acquisition (adjusted as per cost of inflation index (CII)) less indexed cost of the improvement).