Credit of taxes paid in usa
This query is : Resolved
CA Nazia Shaikh
(Querist)
04 December 2012
Hi,
An assessee has filed his US Income tax return for year ended 31/12/11. As per the Double Taxation Avoidance Agreement between India and USA: How much credit is available in India for US taxes paid? How are Interest Income and dividend income earned in USA taxed in India? The assessee has LTCG (-11632$) ie a loss. How will this impact his Indian Income tax return? The assessee hax expired in FEB 2012 and has Retirement account(USA): $617500 AND Social Security(USA): $19808.Will these be taxed in India? Please reply.
An assessee has filed his US Income tax return for year ended 31/12/11. As per the Double Taxation Avoidance Agreement between India and USA: How much credit is available in India for US taxes paid? How are Interest Income and dividend income earned in USA taxed in India? The assessee has LTCG (-11632$) ie a loss. How will this impact his Indian Income tax return? The assessee hax expired in FEB 2012 and has Retirement account(USA): $617500 AND Social Security(USA): $19808.Will these be taxed in India? Please reply.
Amol S Joglekar
(Expert)
04 December 2012
What is the residential status of this Late assessee for the year 01/04/2011 to 31/03/2012. No. of days stay in India from 01/04/2011 to Feb 2012; in this case as assessee expired in Feb 2012) Please let me know this to answer the average rate of tax etc.
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