Dear friends,
Kindly clarify the tax treatment for resident indian who returns to India from abroad (who was on private visit) and makes gain or loss on conversion of foreign currency, Is it liable to Capital gains tax or not?
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Tax treatment of Foreign currency conversion
Replies (2)
first of all for cap. gain to occur, their needs to be capital asset........ and foreign exchange is not a capital asset........moreover it is held for personal use, it can't be termed as capital asset at all, hence no cap. gains...........as for taxablility under any other head, in my view, it can't be taxable.....
Thank u Ashish, for the clarification
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