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25 April 2016
my friend who is an indian has won a lottery in US for 1 million dollar he has left india on Dec 2014 and visited india for a vactation of 3o days in the previous year will he be taxed in india for the same?
25 April 2016
If your friend has not stayed in India for 180 days in the financial year 2015 - 16 and the US Lottery was won during financial year 2015 - 16, the residential status of your friend is non-resident. Accordingly the income arising out of taxable territories i.e. outside India is not taxable in India.
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25 April 2016
If your friend is NON resident as per Indian Income Tax, tax is not required to be paid on the lottery income earned outside India.
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25 April 2016
so can he invest in NRE account? or a normal savings account in india?
27 April 2016
See try to understand the difference between Repatriable versus non repatriable . While NRE is repatriable, the normal savings account is non repatriable. However, the topic has more or less lost its importance after India has opened its doors for the outside world after 1992. now choice is yours whether to keep it abroad or transfer it to NRE or normal savings account,
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