Dividend from Shares

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An individual holding shares in the American stock market received a dividend, which was subject to US tax before being transferred to their Indian bank account. The query asks whether this dividend income is taxable in India, especially considering the individual is in the highest Indian tax bracket. The response confirms it is taxable in India, but the client can claim a rebate for the tax already paid in the US.

DIVYESH JAIN

DIVYESH JAIN (Querist)
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05 December 2021 Dear Sir,

One of my client is holding shares in American stock market and has received dividend from Shares. He got dividend in dollars after certain amount of tax deducted in America. He then transferred the amount in his Indian bank account which accounts for Rs. 4 lacs if converted in rupees.

Will this dividend be taxable in India. He falls under highest tax bracket in India as he receives salary in India.

Please help me in this matter.

Regards,
Divyesh Jain