Tax on Income from immovable property selling/ renting. What is the Tax treatment for income generated from property selling or renting for NRI/ PIO/OCI?

Tax on Income from immovable property selling/ renting. What is the Tax treatment for income generated from property selling or renting for NRI/ PIO/OCI?

Tax on Income from immovable property selling/ renting. What is the Tax treatment for income generated from property selling or renting for NRI/ PIO/OCI?

The mere acquisition of property does not attract Income Tax. However, any income accruing from the ownership of it, in the form of rent (if it is let out)/annual value of the house (if is not let out and it is not the only residential property owned by that person in India) and/or capital gains (short term or long term) arising on the sale of this house or part thereof is taxable in the hands of the owner