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Posted Sat, 04 May 2024 12:05:27 GMT by moutax
I am an UK resident from last year and i have sold my flat in india this year. I am still an UK resident. 1. Do i need to pay capital gain tax in UK and self assessment form need to be filled by converting the buy and sell value from INR to pound using the exchange rate for respective years when it was sold and bought? 2. can i apply for 3000 pound CGT relief for 2024-25? 3. also, i have paid registration fee and stamp duty while buying the property, can i deduct these two amount from my capital gain while calculating my net capital gain? 4. If i sell land instead prperty - do i still need to pay capital gain tax here? as i am paying capital gain tax 20 percent in india as well, can i get relief for that here?
Posted Mon, 13 May 2024 12:11:37 GMT by HMRC Admin 32 Response
Hi,

There is the possibility that you may have UK capital gains tax to pay. You will need to work this out.  
All figures must be in pounds sterling and use exchange rates that were relevant at the time of acquisition and disposal.  
If the property was your main residence at anytime, you you should claim private residence relief, as well as the annual exempt allowance.  
There is a calculator below and a help sheet HS283 with guidance on private residence relief.

Capital Gains Tax

HS283 Private Residence Relief (2024)

You will need to declare the disposal of the property in a Self Assessment Tax Return.

Thank you.

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