Tax liability on funds transferred from abroad
This query is : Resolved
25 October 2008
My client is resident Indian professional who had previously worked abroad. He has funds lying over there which is shown as investments in books of account and has paid tax on interest earnings over there as per DTAA with that country. Now, he intends to transfer back to India.
Whether there shall be any tax liability on foreign exchange gain that arises due to transfer
Whether there shall be any tax liability on foreign exchange gain that arises due to transfer
25 October 2008
My client is resident Indian professional who had previously worked abroad. He has funds lying over there which is shown as investments in books of account and has paid tax on interest earnings over there as per DTAA with that country. Now, he intends to transfer back to India.
Whether there shall be any tax liability on foreign exchange gain that arises due to transfer
Whether there shall be any tax liability on foreign exchange gain that arises due to transfer
27 October 2008
Please indicate the nature of investments.
27 October 2008
Investments are fixed deposits in banks
28 October 2008
If he is receiving from foreign any income or proceeds it attracts FEMA and so taxable. but govt has given an exception to this . that is if you open current account under FEMA and keep such funds in that account to use for payments outside india then no tax implications on receivables,.
30 October 2008
It is taxable.
Double tax benefit is available
Exchange gain on taxed amount is not again taxed.
Double tax benefit is available
Exchange gain on taxed amount is not again taxed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- SFT Cash Deposit in Current Account
- Copyright software
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
