and you can't even give away your property to a well deserved local unless one of you pays something like 40% tax!
I will give my furniture to whom I please rather than let the "authorities have it", I am not a tight arse to me it is all tainted goods now.

am letting local friends live here rent free whilst we are in UK this monsoon.

I feel the same as you Noni, i'd rather give everything away to friends than let someone have one over on me, everyone wants something for nothing here, i know its classed as "second hand" but we brought every new and paid big bucks for it.
I did the same thing in the UK when our buyer offered us silly money for a 6 month old washing machine and fridge/freezer, we had a farewell party and gave everything away to family and friends rather than leave it for the greedy bastard....
Last monsoon when i was away OH had a guy stay as he had a tiny little wet smelly room to live in, he was well happy and OH enjoyed his company...

long-term capital gains (if you had the property for more than 3 years) is approx. 20% of profits (allowing for inflation).
short term gains (less than 3 yrs) is the same rate as income tax - a sliding scale rising to approx. 30% on (that part of) income over 8 lakhs a year.

So nothing like 40% noni - but also remember that you can't legally re-patriate the profit (although if you are 'resident' there are supposed to be relaxed rules about foreign exchange 'for any purpose').

AndyD 8-)#

I said GIVE IT AWAY TO A LOCAL, BUT was told one of us would have to pay up to 40%

reply to a-f-d - thanks for that info about capital gains tax.

Someone (an Indian neighbour) also mentioned "index linking" to me when we were discussing property selling.

She told me that you pay capital gains on the difference between what you sell the property for and its current index-linked value.

So, if you bought for, let's say, 30 lakh in 2002, the index-linked value could today be 32 lakh, and this would reduce the amount of profit you pay C.G. Tax on.

I haven't fully investigated this yet, but was wondering if anyone else had any information............

Why pay more than is necessary, is my motto!!

Cheers.

yes, indexation is applied to the purchase price, also cost of extensions/ improvements. The govt publish index tables just as in the UK.
I would advise anyone selling to hire a Chartered Accountant to handle it - you'll need a CA report anyway to repatriate the money (excluding profit)

AndyD 8-)#

http://blog.abhinav.com/indian-gover...ore-mandatory/
Someone sent me this is it not official??

Mrs Brinks - this is old news. We heard about this on the day it was printed. Current info only please.

At least this has got the thread back onto visas rather than capital gains tax!!!

Who the F do you think you are???

I love a woman who speaks Her mind

Please visa's problems only. the rest of the thread should have been on Buyer Beware ( I am guilty as well)

THANKS NONI.

Oops, sorry - so many threads to follow............sometimes just got to get it all out onto whatever thread I'm following before computer (or should I be more specific - Tata Indicom) crashes.

I do too. And I like to hear people's opinions whether I agree with them or not. What I cannot abide however are rude ignorant people who generalise on everything. That all Goans are going to 'gob' on us and that all expats who stay in Goa for the Monsoon are drunks. That comment by a certain 'lady' is quite offensive. You have to feel sorry for her, it's such an unfortunate manner to be afflicted with.