Income tax employees shares sold in us
This query is : Resolved
R. Narasimhan
(Querist)
31 July 2015
Dear Sir
I have been allocated few shares of our company (US based) as year-end bonus with a lock in period of 3 years, meaning I could sell 1/3rd every year. Last year I sold some shares on which I have paid withholding tax of US. Will this income be again charged by Indian Income tax. Will there by any double taxation avoidance or any exemptions.
I have been allocated few shares of our company (US based) as year-end bonus with a lock in period of 3 years, meaning I could sell 1/3rd every year. Last year I sold some shares on which I have paid withholding tax of US. Will this income be again charged by Indian Income tax. Will there by any double taxation avoidance or any exemptions.
Nikhil Kaushik
(Expert)
01 August 2015
yes it will be taxed in India. However, credit for taxes paid in US shall be available
R. Narasimhan
(Querist)
02 August 2015
Thanks for your information that credit for taxes paid or deducted in US as with holding tax is available. Could you please let me know the section under which I could claim the same.
Nikhil Kaushik
(Expert)
03 August 2015
section 90 of the Income-tax act.
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