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Tax implications for remittance from abroad

Tax queries 337 views 2 replies

S P

Others

30 Points Posted on 08 August 2015

Hello,

After my return to India from the US a few years back. I had left behind 401k and some money in a shares account to access the money on retirement. If I need the money now instead of a few years later on retirement, what are the tax implications to close the account and transfer to India?

Thanks for the response.

Replies (2)

Udgam Koomar

Tax Technologist

1949 Points Posted on 08 August 2015

It depends on many factors, you have provided less info

S P

Others

30 Points Posted on 10 August 2015

Thanks for the response. When I was employed in US (more than 10 years back), a few months before coming back, I had moved some amount into share trading account. Since I came back, I could not do much trading with amount remaining pretty much same after all these years. I would like to close the accounts, both trading and retirement (which is still about 8 years away) since there is no chance of going back and I'm currently out of work.

1. If I'm to get the trading account closed and remit the money to India, what are the tax implications considering it was savings invested at that time from my tax deucted earnings.

Will it be considered as income for this year (even I continue to be out of work?) ? If taxed, what will be the taxes ? Although I need the funds, would it appropriate to just try and avoid getting it back until retirement ?

2. Can the retirement account also be closed ?

Thanks for your time.