harry (Awaiting ca final results) (461 Points)
08 October 2009
Sale of shares held in physical form - usa?Can shares of USA company which are held in physical form be sold?
whether DEMAT has to be done in order to execute the sale? what are the tax implications of such sale for a person resident in india? |
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harry
(Awaiting ca final results)
(461 Points)
Replied 08 October 2009
That is for the taxation part, what about sale of securities in physical form without demat a/c .
I cannot get a clue even after reading sections 90-91
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 08 October 2009
Dear Harry,
For sale of Shares held in physcial form, you need to check the legal aspects of USA.
For Income Tax purpose, it shall be taxable in India and PRI shall also be eligible to claim DTAA benifit in case taxes are paid/deducted at USA.
You may need to check legality of FEMA, whether share holding is as per FEMA or regulations made thereunder.
After selling you need to realise the amount of sales proceeds and repatriate it to India with in stipulated time.
Thanks
harry
(Awaiting ca final results)
(461 Points)
Replied 08 October 2009
Does India have DTAA with USA? if so, from where can I details of that
Nitesh
(service)
(136 Points)
Replied 08 October 2009
Harry,
Please approach Price WaterHouse Auditors for solving your problem. Chartered Accountants will solve yoour issue.
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 08 October 2009
Dear Harry,
You can find DTTA with US from below link
https://law.incometaxindia.gov.in/TaxmannDit/IntTax/Dtaa.aspx
Do ask me if you have any more.
Thanks
harry
(Awaiting ca final results)
(461 Points)
Replied 08 October 2009
Thankx juzer for your valuable inputs, I think there is no need to contact pwc now.
Narayanan.R
(Chartered Accountant)
(191 Points)
Replied 08 October 2009
| Originally posted by :harry | ||
| " | yes it can be sold Sale of shares held in physical form - usa? Can shares of USA company which are held in physical form be sold? whether DEMAT has to be done in order to execute the sale? what are the tax implications of such sale for a person resident in india? |
" |
Punit Tibrewal
(student )
(1684 Points)
Replied 09 October 2009
taxability of income depends on whether the assessee is resident or non-resident..!!
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 09 October 2009
| Originally posted by :harry | ||
| " | Thankx juzer for your valuable inputs, I think there is no need to contact pwc now. | " |
Thanks for appriciation.
Nitesh
(service)
(136 Points)
Replied 09 October 2009
Dear Harry,
It is your call whether the website link given here provides you all professional support and reply for your cross border related querries. I feel the websites are static in nature .The tax impact at USA should also be understood.
Rgds./Nitesh
harry
(Awaiting ca final results)
(461 Points)
Replied 09 October 2009
I have mentioned that the 'person' is a resident in india
CAclubindia
