Roreign citizen nri

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 November 2015 To CA Club.
A Canadian senior citizen, NRI, holding PIO, has about Rs 1 Crore in Indian Banks in NRE FDs + Rs 20 lakhs in NRO FDs since 2011. He is living abroad over 35 years.
He is planning to retire and settle in India in 2016 October. His estimated yearly personal expenses will be Rs. 12 lakhs.
At 7% interest, providing 30% income tax, he will need 12lakhs/.07/.7= 244 lakhs invested in india.
Question 1
Should he transfer this additional Rs.144 lakhs now?
Question 2
Only money brought to India will be taxed. So will this full 144 lakhs be taxed as income?
Question 3
Should his overseas assets, incomes be taxed and/or will need disclosure?

Thanks,

A returning NRI

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 November 2015 1 Yes it can be transferred now.
2 No it will not be taxed when brought to India as this income is earned outside India as non resident.
3 No it will not be taxed no disclosure required now.
On returning to India after 3 years your foreign income earned during the year only be taxed with relief on any tax paid on such income out side India.

Amol S Joglekar

Amol S Joglekar (Expert)
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16 November 2015 why 144? 120 he is having 91 cr + 20L)

to fill up to 244, he needs 244-120=124

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