What are the tax implications in India for a Non-Resident Indian (NRI) residing in any country other than USA?
The Capital Gains are not liable to tax in India.
Irrespective of the country where the NRI resides,
any income of a non-resident is chargeable to tax
in India only if it is accrued or received in India. As
per ITA, deduction of expenditure or allowances is
not available while computing investment income
or long-term capital gains. Also, indexation benefit
is not available to an NRI while computing LTCG.
For further details, consult a tax expert.
What happens to my account if I move to India or any other country?
Your account continues to remain valid despite your relocation.
Can the resident remitter lend under the LRS?
Yes, the resident remitter can give loan to relatives (as defined under the Companies Act) abroad under LRS as extension of loans is a permissible capital account transaction.
How do I remit money outside India under LRS?
The RBI requires resident remitters to fill out and submit a Form A2, which is provided by RBI appointed authorized dealers (typically banks). The form captures the remittance amount, the purpose, and the individual’s PAN number. Once the form is ...
What are the applicable taxes on gains and income in the US?
The two main streams of income from investments in stocks are dividend and capital gains.Dividend Income As per the India-US Double Taxation Avoidance Agreement (‘DTAA’), flat tax rate of 25% is applicable on dividend income earned, subject to ...
What type of documents can be submitted to complete the client’s online KYC?
Address Proof (Any of the below): • Aadhaar Card • Utility Bill (Examples: Gas, Electricity, Water, Property Tax or Mortgage Receipt) • Mobile Phone Bill • Bank or Credit Card Statement. • A letter from your landlord, employer, doctor, dentist, ...