16 January 2012
Please let me know the following: An assessee is having Canadian Passport and at present working for a company in DUBAI He was born in India to Indian parents. He has surrendered his Indian passport What he has to do next? Can he apply for Indian Pan card? Can he open NRI account with any banks in India with jointly with Parents? Can he open demat account and buy and sell Indian stocks. What are charges ( special extra charges if any)? What about any taxes?
16 January 2012
It is assumed that he is non-resident. PAN - yes he can apply. Representative of assessee will be eligible for that.
Bank A/c - Yes he can open bank account. but it is advisible to open NRO or NRE a/c.
Demat A/c - Yes he can open demat account. any gain arise from share and securities will be liable to capital gain tax.
Tax - he will liable to pay income tax if he will gain profit more than 1,60,000 during previous year except short term capital gain(15%) long term capital gain from share Exempt.
CAclubindia
