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MMSG(Newbie)Newbie
14 Nov 2023

"I'm an Australian citizen originally from India. I'm thinking of selling my land in India and using the money to buy property in Australia. I bought the land in 2011, and before moving the funds to Australia, I want to understand the taxes and fees involved. I'll be paying Capital Gains Tax (CGT) in India after selling the land.


If I transfer money from my Indian bank to my Australian account, will there be a tax, and if yes, what percentage would I need to pay? Also, are there any other tax implications or fees I should be aware of?"

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Liked by Krrish
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Most helpful reply

AlliATO(Community Support)Community Support
15 Nov 2023

Hi @MMSG


 I have great news 😃.


If you're not a tax resident here in Australia, there are no tax implications when you sell the land and then transfer money from your overseas personal bank account into your Australian personal bank account.


The money isn't considered taxable income.


Your question and tax concerns are popular on our community page one of my favourite responses is on post Bringing Money into Australia if you want to check it out for more info.

All replies

Most helpful reply

AlliATO(Community Support)Community Support
15 Nov 2023

Hi @MMSG


 I have great news 😃.


If you're not a tax resident here in Australia, there are no tax implications when you sell the land and then transfer money from your overseas personal bank account into your Australian personal bank account.


The money isn't considered taxable income.


Your question and tax concerns are popular on our community page one of my favourite responses is on post Bringing Money into Australia if you want to check it out for more info.

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Transfer money from property sale in India to Australia | ATO Community