Is there any India tax implication if we convert INR to USD today, make no income on it and convert

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1398 Points Joined May 2014

Is there any India tax implication if we convert INR to USD today, make no income on it

and convert it back to INR in the future for a higher exchange rate?

Thanks

Indira K V

Replies (1)

Financial advisor

589 Points Joined December 2014

GST on currency conversion charges is applicable. Difference in conversion rate of foreign exchange is liable to income tax if it is surplus.

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