Capital gains tax on Inherited overseas property

Discussion in 'Accounting & Tax' started by James Baker, 26th Dec, 2021.

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  1. James Baker

    James Baker Well-Known Member

    Joined:
    21st Mar, 2017
    Posts:
    280
    Location:
    Melbourne
    Hi there,

    I have inherited a property in India as per the will of my uncle. The property has about 250k AUD in Capital gains accrued over the last 10 years. The property was bought in 2010.

    As per tax laws In India, if I sell the property and reinvest the gains in another residential property, there is no capital gains tax payable.

    I am a permanent resident of Australia, living, working and paying taxes in Australia as a resident . I am unclear whether I have to pay any capital gain tax on the income even though from Indian tax perspective there is no tax payable?

    Any ideas?

    Cheers
     
    Sonick likes this.