🇮🇪 Valuing your Indian property from Ireland

Capital acquisitions tax reaches worldwide gifts and inheritances

Ireland's capital acquisitions tax applies to gifts and inheritances on a basis that can bring worldwide property into charge, depending on the residence position of the parties and where the property sits. Where an Indian flat or a share of ancestral land passes to somebody Irish resident, it can fall within scope.

The figure required is the value at the date of the gift or the date of death, converted to euro at the rate applying then. Not today's value.

A narrow treaty network

Ireland has relatively few estate and inheritance tax treaties. That makes the documentation of any Indian tax actually paid unusually important where a credit is being claimed, because there may be no treaty mechanism to fall back on and the claim will rest on the paperwork.

Keep the Indian computation, the challan and the valuation together as one file. Your Irish adviser will ask for all three.

Selling from Ireland

Your buyer deducts Indian tax at source on the sale value rather than your gain, unless a lower deduction certificate is obtained before completion. Where the property predates April 2001, or was inherited from somebody who bought before then, the 1 April 2001 valuation is usually the largest saving available.

Getting the money across

Repatriation is through the non resident ordinary account within the annual limit, with certification from a chartered accountant.

Format

Rupees with a euro conversion, the rate, its source and the date stated. Tell us the date your adviser requires before we start.