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Sale of assets and transfer of funds to australia

Tax queries 526 views 1 replies

yashsr

2285 Points Posted on 03 May 2013

Hello,

A person was born in India but since the last 10 years stays abroad in Australia. She is an Indian citizen however is in the process of applying Australian Citizenship. However, according to the period of stay it is not a Indian Resident.

She has some assets in India which she wants to sell/redeem like Shares, Mutual Funds, Provident Funds, Fixed Deposits etc. What is the tax implication? Will she taxed as per Indian Income Tax Act or will she be taxed as per the DTAA between those 2 countries?

Also, once she redeems/sells these, what is the best to send her funds to Australia where she is in need of money?

Replies (1)

amit

sddsfd

116 Points Posted on 03 May 2013

Dear Sir,

On sale of any assets in India, whether property or shares or mutual fund, if it is sale in India then it is taxable india, where she have to file return and pay taxes. Such sale in India is taxable in all cases i.e. for Resident[ Obviusly], Non Resident, and not ordinary resident too.

Further so far FD is concern, amount of FD is capital receipt, but interest on the same is what you actully earned in India thus liable for tax in every case.

So far PPF, it is exempt from tax for all in any way.

Thus you have to be get assessed in India. So far repatriation of fund requires 15CA & CB Procedure.

Ragards

Amit