Hi
Is there any India tax implication if we convert INR to USD today, make no income on it and convert it back to INR in the future for a higher exchange rate?
Thanks Indira K V |
Indira (CA ) (1381 Points)
18 March 2021Hi
Is there any India tax implication if we convert INR to USD today, make no income on it and convert it back to INR in the future for a higher exchange rate?
Thanks Indira K V |
Kamal Verma
(Financial advisor)
(582 Points)
Replied 03 November 2022
GST on currency conversion charges is applicable. Difference in conversion rate of foreign exchange is liable to income tax if it is surplus.