TAXABILITY OF LTCG EARNED IN SINGAPORE
This query is : Resolved
Quick Summary
rajesh behl
(Querist)
11 March 2023
A Resident assessee opened a saving account in Singapore(Currency US$).
and tfd funds from India. Then he purchased share in New York Stock Exchange. On selling those shares he earned STCG of USD 2000 and LTCG of USD 3500.
Now I have 2 questions :-
(1) what will be the taxability of these gains in India ??
(2) Can he send the sale proceed from selling the shares to his son residing in Australia as Gift ??
and tfd funds from India. Then he purchased share in New York Stock Exchange. On selling those shares he earned STCG of USD 2000 and LTCG of USD 3500.
Now I have 2 questions :-
(1) what will be the taxability of these gains in India ??
(2) Can he send the sale proceed from selling the shares to his son residing in Australia as Gift ??
CA R SEETHARAMAN
(Expert)
11 March 2023
1 Global income of resident is taxable in India, but relief can be claimed on tax paid outside India.
2 yes.
2 yes.
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rajesh behl
(Querist)
13 March 2023
Sir...Thank you so much...!!
CA R SEETHARAMAN
(Expert)
13 March 2023
You are welcome..
...
...
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