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When an NRI sells a property, capital gains can be exempted if specific conditions are met. For instance, if the NRI purchases a new residential property one year before or within two years from the sale of the original property, or if a new property is constructed within three years from the sale of the original property.
However, starting from FY 2019-20, if the capital gain amount from the property sale doesn't exceed Rs. 2.00 Crores, NRIs have the option to purchase or construct "2 Residential Houses" in India. All other conditions applicable to a new house will also apply to these "2 Residential Houses." It's important to note that this option can only be availed of once in a lifetime.
There are additional options for tax exemption on capital gains through investments in other residential properties, specific bonds, startups under sections 54, 54EC, and 54F of the Income Tax Act, 1961, and more. NRIs can also consider Double Taxation Avoidance Agreement (DTAA) provisions to prevent double taxation.
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