Taxation in INDIA for NRIs

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Perfect Guide on NRI Income Tax Rules and Policies in IndiaPosted on October 17, 2014 by HRBlockIndia

As a non-resident Indian have you been grappling with the constant challenge of how various incomes would be taxed in your homecountry and in India? Are your decisions related to remittances, investments, property purchases and rentals marred at the thoughtof taxes?

Though tax laws in different countries are difficult to fathom, they arent as perplexing as you thought. Take for instance the incomefrom abroad. The ground rule is that income which is earned outside India by an NRI is not taxed in India.

Similarly, there are a host of other incomes that arent taxed in India, but may or may not be touched in the country you are residingin. We present a simple guide for Non-resident Indian to assist them in saving taxes by understanding which income will be exemptand which wont.

Income exempt in IndiaIncome exempt in India

Most NRIs have bank accounts in India either non-resident external accounts or foreign currency non-resident account. The goodnews is that though Indian residents have to pay tax on their savings bank account interest above Rs. 10,000, NRIs are excused. Notaxes are to be paid on the interest arising out of these bank accounts.

You need not worry about paying taxes on income you earn abroad. Also, gains from money sent home to family members or forinvestments are exempted (taxed at concessional rates under specific scenarios).

Income Taxed in IndiaIncome Taxed in India

Gains long-term or short term from investments or sale of assets such as house would be taxed in India. Also, rental income istaxed in India, but a standard deduction of 30% of the rent (less municipal taxes) is available.

If you have inherited assets from Indian parents or relatives then you wouldnt have to bear taxes when you gain control of theseassets. But later, recurring gains such as rental income or income from sale or transfer would be liable to tax.

Exempt in India, Taxed abroadExempt in India, Taxed abroad

There are certain conflicts with regards to specific income with regards to tax laws in different countries. As a result, you would haveto bear the brunt of tax in your new country. For instance, dividends distributed by Indian companies are exempt in India, but taxedin countries such as US.

Select long-term capital gains from Indian investments are exempt in India, but taxes are applicable as per the rules of the countryyou now reside in.

Calculating taxesCalculating taxes

If you only have capital gain income from shares and securities in India then you would not get the basic exemption limit. Yourshares, mutual funds and other assets when sold in India would be taxed just like residents. Equities held for more than a year areexempt only in case of STT paid else it is taxable @ 10%, while non-equity funds have a different taxation structure based on whenthey are sold. The entire gain made on investments in non-equity fund up to 36 months (12 months if prior to July 10, 2014) areadded to the income and taxed as per the bracket. While those redeemed after 36 months are taxed at the rate of 10%. In case ofassets other than Shares & securities sold before 36 months then they are taxed as per the regular bracket and if sold after 36months are taxed at 20%.

Also remember that to avail the benefits of exemption under section 54, 54EC and 54F, and these can be availed only in case you

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Benefits of Advance Tax Payment- Due Dates & Interest Rate Claim Tax Deductions even if you failed to Submit InvestmentsProof

invest the proceeding in India.

Paying taxesPaying taxes

Under most situations taxes would be deducted before making you payments, be it investments or rents, as mandated by theSection 195 of the Income Tax Act.

But, if there are additional liabilities then you can pay the taxes online through a seamless process.

Tax fi l ingTax fi l ing

Even though you may have to face the tax brunt, it doesnt merit fi l ing income tax returnsfi l ing income tax returns unless your income exceeds thethreshold limit. If your earning from all sources put together rent, dividend, capital gains, investment income, etc shoots beyondRs. 2.5 Lacs (Rs. 3 Lacs for those between 60 80, Rs. 5 Lacs for those above 80 years) for financial year 2014 15, then you wouldhave to file a tax return.

When your income exceeds the threshold, you should check whether you can skip filing tax returns through provisions underChapter (XII-A). Here, if all taxes have been deducted at source for specified income then there is an option wherein an NRI neednot file a return.

Also, if this income earned is a result of sale or transfer or regular income from foreign exchange asset then an NRI need not file taxreturns.

However, while filing returns in the country you reside in you should declare the Indian Income as you would get tax credit incountries in a Double Taxation Avoidance Agreement (DTAADTAA) with India.

Steps to save taxesSteps to save taxes

Though one cannot escape tax completely, but s/he can claim deductions by investing in various investment avenues eligible for80C. However, as an NRI you arent permitted to invest in National Saving Certificates (NSC), Senior Citizens Savings Scheme, PostOffice Time Deposits or open new PPF accounts or extend them.

Other taxation benefits under home loan, life insurance, pension plan, equity-linked savings schemes of mutual funds are allowed.Tuition fee paid for spouse or children in India too can be claimed for deduction.

Health insurance policies or health check-ups paid for parents or dependants in India too are allowed for deduction under Section80D.

If you arent willing to buy another property using the sale amount to save taxes, then long-term capital gains arising due to sale ofassets can be invested in tax-saving bonds such as those issued by NHAI or REC. But these are capped at Rs. 50 Lacs. Also,investments into foreign currency bonds are taxed at 20% vis--vis the maximum tax rate of 30%. So, you can claim a lower tax rateby investing in these bonds.

H&R Block India strives to blend tax expertise with a strong focus on continually improving the client experience to provide all itsclients with an unparalleled value proposition for E fi l ing their Income Tax Returns OnlineE fi l ing their Income Tax Returns Online .

Visit Visit hrblock.inhrblock.in for more information or to find your nearest office for more information or to find your nearest office to find assistance to fi le taxesto find assistance to fi le taxes..

This entry was posted in Tax planning and tagged NRI Income Tax Filing, NRI Income Tax Return, NRI Income Tax Rules, NRI Tax Saving.

61 thoughts on Perfect Guide on NRI Income Tax Rules and Policies in Indiaahmed aliOctober 18, 2014 at 11:29 am Reply

There is confusion about NIIT (net investment interest tax) .. U.S.citizens , living in India,on permanent basis, with all their incomefrom U.S.sources (no foreign income or assets).No relatives or real estate in U.S. Are they exempt from NIIT ?

HRBlockIndiaconverted by Web2PDFConvert.com

HRBlockIndiaOctober 22, 2014 at 2:45 am Reply

Dear Ahmed,

Thank you for sending in your query, I would suggest for you to please fill in a enquiry form via the following link :https://www.hrblock.in/contact-us/business-enquiry-form.aspx.

And one of Tax advisors will be able to help you out with the same.

Regards,H&R Block India

HRBlockIndiaApril 2, 2015 at 8:44 am Reply

US citizens living anywhere in the world, are subject to NIIT tax. There is no exemption available.

p lalMarch 6, 2015 at 7:26 am Reply

for a person of indian origin with canadian nationality the capital gains accruing out of sale of his only Residential property inIndia though totally exempted if invested in another residential property , what tax credit would accrue to avoid double taxation inCanada ? Would he have to pay full capital gain tax in canada since he availed 100% tax exemption in india.

HRBlockIndiaApril 2, 2015 at 8:42 am Reply

Canadian resident has to pay tax on worldwide income and will have to pay taxes on any capital gain as well. Thegains are not exempt.This rule applies only if he is residing in Canada, else it does not.

P ChandrashekarMarch 28, 2015 at 5:55 am Reply

Dear Sir,

Please let me know, whether Interest paid on Housing Loan is exempted under Income from House Property and Principal paid isallowed as deduction u/s chapter VI A of the Income tax act, in India

HRBlockIndiaMarch 30, 2015 at 10:42 am Reply

Yes. These are the allowed deductions. These can be claimed as loss from house property and adjusted against otherincome.

RASHMIKANT PADHApril 4, 2015 at 9:23 am Reply

I require the details OF section 194 DA of Income Tax Act which imposed from 01/10/2014 in which Life Insurance payout is coveredunder this section.My main query is that NRI are also under this new tax proposal or not? If premium debited from NRI Savings A/c.then what will be the Tax percentage to be paid to IT Department by the NRIs?

HRBlockIndiaHRBlockIndiaApril 17, 2015 at 12:59 pm Reply

Provisions of Section 194DA will be applicable only in case of a resident policy holder. If policy payment is being made tonon-resident policyholder, the provisions of section 195 of the income tax act 1961 will be applicable. Section 195 doesntmention any rate at which the TDS is to be deducted by the insurer while making payment.The TDS in such case will be deducted at higher of the following rates for non PAN card holders u/s 206AA


a. The rate of tax in force for such income (i.e. applicable to nature of income) orb. At 20%

In case you are a PAN card holder then TDS will be deducted according to the rate of tax in force for such income.

ACApril 7, 2015 at 4:17 pm Reply

Sir

I was staying in USA for 4 years (2003 to 2007) and came back to India in 2007. During my stay in USA I had invested in stockmarket. I have been holding the shares since then. Now if I sell the shares in US stock market, am I liable for any tax on long termcapital gains here in India?

Kindly clarify.

Best Regards


Considering the facts of the case and further assuming that you qualify to be a Resident and Ordinarily Resident (R & OR),as per sec. 6 of the act for the F.Y. 2014-15, all your global income will be taxable in India. Further as per the amendmentof Finance Act 2014 any unlisted share (including foreign listed share) if sold after holding for a period of 3 years (36months) or more then capital gain arising on the same post indexation will be taxable @ 20% (plus applicable cess)Note:- You will be eligible to claim the benefit of exemption u/s. 54EC & 54F by investing in the specified assets. Thismeans that if you invest the gains from sale in some specified assets then you will not be liable to pay any taxes oncapital gains on sale of shares.

vijay desaiApril 19, 2015 at 1:27 pm Reply

If an NRI (staying in US having Green Card or being US citizen) wants to buy Life Insurance Policy by paying premiums throughhis/her NRE account in India,(1). would he/she has to pay Tax on premium in US or India?(2). Does he/she is required to declare this Insurance policy and premium paid thereof to US tax department?(3). Does he/she has to pay any tax on maturity amount deposited by Insurance company to their NRE account on completion of thePolicy Term? (In India Insurance Maturity amount is non-Taxable)

Awaiting your reply.Thanks,

Vijay (19/04/2015)

SaurabhApril 23, 2015 at 6:24 am Reply

if person earning in abroad outside india in foreign currency n salary is credited in nre account in india but he doesnot complete his182 days is that money earned in abroad in foreign currency is liable for tax

Thanks in advance


In case you do not stay out of India for less than 182 days then you become a resident in India. Hence any income earnedby a resident whether in India or abroad is taxable in India. Hence the salary earned in this case is taxable in India.

N.S.MehtaApril 26, 2015 at 2:52 pm Reply


In terms of recent ITR, bank details are required to be furnished. In case of NRI , whether it is mandatory to give bank details held byhim in the foreign country where one is currently and not affected by indian Tax laws. similarly for NRE non taxable bank deposits inIndiaThanks


Dear Mr Narendra,Disclosures of bank accounts in foreign countries is not a condition while filing ITR in India. You must disclose all NREaccounts in India in your ITR.


as per the comment sent


For NRIs Is it necessary to give bank details not covered by indian tax lawsthanks


Dear Mr Narendra,Your question is not clear to us. Can you please clarify?For all NRIs who are filing IT returns in India disclosure of all bank accounts in India is required.

NishiMay 17, 2015 at 3:03 am Reply

Hi, as an NRI living in the US and holding a green card. I am salaried on a full time job here and filing taxes in the U.S. as well.I hold property, under construction in India & NRO & NRE accounts. No income generated in india other than interst on bank accountbalance for witch TDS is already decucted.When filing taxes in india, do I also have to declare all income & bank acvount details in the USA?

StudentMay 26, 2015 at 10:33 pm Reply

Suppose a person left India 2 yrs back for a project through his employer in India and is likely to return back on completion of project.For the years when his status was NRI, in the absence of any taxable income in India,i) can he file ITR & claim deduction for repaying housing loan taken in India for a home in India self occupied by his family andii) carry forward the resulting HP loss to be adjusted against taxable income that shall arise after he returns to India?

Pls clarify,Thank you

Rishi RJune 5, 2015 at 5:12 pm Reply

I was abroad (Zurich) for a short term assignment ( 110 Days ,rest all days in India) in current FY through my company during which iwas paid salary abroad ( No indian salary during this period) and i paid taxes as per country rules there .Do i need to include the foreign income while filing my IT return and do i need to pay taxes again .( if no do i need to disclose thisanywhere in IT return form , if Yes ; how should i calculate foreign income).


Adwin Anil SaldanhaJune 13, 2015 at 5:11 pm Reply

Dear Sir,This is with regard to maturity proceeds from Setubandhan, traditional policy by SBI Life Insurance Company. I had invested Rs. 3Lac on 26th May 2015. It got matured on 26th May 2015. I had funded this investment from my NRE account. I am residing inKuwait. Total amount at maturity turns out to be 4.5 lacs. Now they are saying that in case i fail to provide them with Tax Residencycertificate from kuwait, they will deduct 30.9% of 4.5 lacs. I am surprised to hear that. If i do not present TRC they can take 30.9%of 1.5 lacs which they are giving and not on my money. They are reluctant to understand the concept. How can I stop them by doingthis. Can i get some circular related to this and please help me get out of this trouble. please, thank you

HariJune 25, 2015 at 6:39 am Reply

Hi,I stayed in US from Aug 14 to May 15. till Aug14 i got salary in India. from sep 14 onwards i am getting salary in US. I sayed in USMore than 8 months. I have paid taxes in US and i have transferred my savings to india bank account. now i want to fill income taxin india. which itrv from do i need to fill in india and where to show the transferred amount from us bank to india bank. Pls suggestme how to fill income tax in india.

ThanksHari

M.VINAYAKA PRABHUJuly 1, 2015 at 11:40 am Reply

My son is an NRI, and is sending his savings to his NRE account. He has made some NRE fixed deposits out of his savings and itsearns interest. Please let me know whether he has to file IT returns if his interest income exceeds the limit prescribed .

Thanks & regards,

M.VINAYAKA PRABHU.

HRBlockIndiaHRBlockIndiaAugust 11, 2015 at 6:31 pm Reply

Income tax returns will have to be filed when income exceeds Rs.250,000 in a year i.e. from 1st April to 31st March. If hefiles his return for the year then he can even claim his refunds for TDS deducted if any, since TDS is deducted at thehighest slab rates for NRIs.

S. J.July 4, 2015 at 8:00 pm Reply

Dear Sir / Madam,

I am an NRI residing in the US. I have been earning my annual wages and paying income taxes only in the US. I recently made aninvestment on property in India by taking a loan at a bank in India. Can I claim returns on my income taxes in the US for the interestpaid on my home loan in India and on the property taxes paid in India? If so, could you please elaborate.


Yes, you can claim the home loan interest and property taxes as Itemized deductions provided they are for a main homeor a second home. If the house is under construction, you can claim the interest only for 24 months until construction iscompleted. It the property is rented out, the interest and taxes can be deducted against the rental income.

Larry AgrawalJuly 11, 2015 at 9:12 pm Reply

As a NRI, I sold a residential property that I had bought in 2005, when I was resident in India. I have booked capital gains against


same and accordinly invested gains in NHAI bonds. All transactions have happened in INR and no foriegn exchange transactionswere incurred.Now, I need to file my Income Tax Returns on ITR-2. My question- In ITR-2, what category should I use to indicate capital gains insection B-1 of the ITR-2 form or B-7 of the ITR-2 formSimilarly, I have long term capital gains (losses rather) from sale of equity & MF with all transactions done from NRO account.Under which category (resident or non resident) should I reflect in ITR

Sach AnandJuly 12, 2015 at 9:21 pm Reply

Hi SirI am NRI living in UK, now recently got British citizenship and OCI. I would like to return and settle in India with British Citizenship. Iwould like to know if my investments in Indian stocks/mutual funds for long term, would be taxed or will they be tax free for longterm investments just like Indian citizens do.Thanks

BadriJuly 21, 2015 at 3:09 pm Reply

Dear Sir,I am a NRI and have two Resident Saving bank accounts and a Resident Demat account. The income is less than INR 1 lac a year.Should I file my ITR. Please advise.

RgdsBadri


You need to file taxes in India only if your income is more than Rs 250,000 and hence if your income is only Rs 100,000 peryear then you need not file your returns or pay taxes in India.

V SharmaJuly 25, 2015 at 4:47 pm Reply

What about bank interest income to an nri.If the same is Rs 300000 PA what will be the tax liabilityHow much tds will be deducted by the the BankHow the bank can be persuaded to not to deduct tds


If you earn income of more than Rs250,000 then you are liable to pay taxes and hence you have to pay taxes at the slabrate applicable to you. In this case you fall under the tax slab chargeable to tax @10%. Hence the total tax payable foryou (considering that 300,000 is the only income you earn in India)is (250,000 300,000)x10% = Rs. 5,000.When it comes to TDS, NRIs are charged at the highest slab rates and hence banks will deduct TDS on your [email protected]%. However this amount can be claimed as a refund on filing your return of income in India.

Yogesh ShahJuly 27, 2015 at 6:24 am Reply

Im Canadian citizen with OCI (Overseas Citizen of India) card earning interest income in India from investments made prior toimmigratng to Canada. What is tax treatment of this income in India & Canada ? Im filing tax returns in Canada & India fromincome earned in respective country.

HRBlockIndiaHRBlockIndiaJuly 28, 2015 at 11:33 am Reply


Hello Yogesh,The interest income earned from investments in India will be charged to tax in India if it exceeds the threshold limit ofRs.250,000 a year.We deal only in US and India taxation and not in Canada taxes. Hence we will not be able to guide you in taxation ofthese in Canada.

Yogesh ShahJuly 28, 2015 at 7:06 pm Reply

Thank you for your prompot response. Can you suggest someone who could throw light on the Canadianaspect ? I would appreciate this very much.

Yogesh

ShaileshJuly 30, 2015 at 4:42 pm Reply

I am a NRI and online invested in Indian equities through my NRI PIS A/c. Recently I sold the Reliance shares and the HDFCSecurities/Bank deducted short-term capital gain tax on the profit.1. What will happen if tomorrow I make a short term loss in the equity?2. Can I claim back the excess tax deduction? Please Note: I had not filed my returns after I became NRI.Kindly advice. Thanks. Shailesh.

KamleshAugust 8, 2015 at 8:07 pm Reply

I am an NRI since last 20 years, last year I have invested in one company from my NRE a/c. the profit will be come in this year couldbe 3 lac to 3.5 lac which will be deposited to my NRO a/c. ( they said profit cannot be deposit in NRE a/c.). I would like to know howmuch income tax I have to pay. this is the only income I have in India. my family are in India and my 2 kids studying in school.Please advice me.ThanksKamlesh


Hi Kamlesh,

You have earned income more than the threshold limit of Rs250,000 and hence it will be taxable. You will also have to fileyour return of income and pay taxes due. The income tax payable would be determined only after claiming properdeductions from this income an then applying the tax rate applicable to the net income from this investment. A qualifiedtax advisor can guide you in this matter.

Mehta VijaychandraMehta VijaychandraAugust 9, 2015 at 1:08 pm Reply

My son was in UK. from 2006 to 2011, & there after he has moved to kingdom of Bahrain. During his stay in U.K. he had purchaseda house on loan in U.K. for which he is still paying installments. He was paying income tax in U.K. as per rules. At present he is inBahrain. so , he has not to pay any tax at present as per that country rule.So, from 2006 to 2015 continuing , his status is NRI.My question is ,As per the present new stipulation in India, what should do for his asset in U.K. ?


The taxation rules in UK are different from India. Your son is an NRI and the property is out of India and hence it will notbe taxed in any manner in India. However if he files his taxes in India then he will have to disclose his foreign assets in hisreturn of income.


shanAugust 11, 2015 at 2:34 pm Reply

Wl tds be applicable for payment by an Indian person for purchase of non resident shareswhile making payment wl the Indianperson wl deduct n payif yes why???

sushmaAugust 11, 2015 at 5:22 pm Reply

i hyave invested in property in india mwhile i am living abroad from last 8 years. will i have to fill the income tax returns


You will have to file taxes in India only if you earn income from this investment exceeding Rs250,000 in a year.Alternatively you can also file your taxes in case you receive some interest income from India that is charged to tax at themaximum marginal rates of 30%. You may claim refunds of your taxes by filing your taxes in India.

S RayAugust 13, 2015 at 12:11 am Reply

I was employed with a company in Singapore from Jan 14 till Jan 15. As part of monthly salary, taxes relevant to my income werededucted each month and will be paid by my employer accordingly to Singapore government.

I have a NRE account here and as per bank norms I need to redesignate my NRE account to residential account upon my return toIndia permanently. Now, I am employed in Mumbai from March 10. Problem is I have not yet transferred my foreign income to NREaccount because of current lower exchange rates and would like to gradually do so in coming months when the exchange ratesimprove. Can I continue to maintain my NRE account ?

My next question is whether I can keep my income in foreign bank for future transfer of money. If yes, by which month max. do Ineed to transfer to avoid taxation in India. Since, I was a NRI for Financial Year 2014-2015 ( stayed in India < 60 days ), upto howmany months/years do I retain the NRI status.

motoAugust 16, 2015 at 3:05 pm Reply

Foreign Income reporting guidelines for foreigners resident in India.

This is a question on Indian ITR filing requirements for OCI persons who have moved back and become resident of India past theirRNOR status.

Do they need to report rental income from their foreign residence in their Indian ITR? If yes, can they exclude mortgage interest andproperty tax paid to maintain the property?

JasbinderAugust 17, 2015 at 5:19 pm Reply

Hi,

I was working in India and having salary income when I was in India, from Apr14 to Jun 14 (3 months) and accordingly TDS wasdeducted by Co. Then I shifted to foreign and earning salary income and became NRI status. Because this salary is exempt no TDSwas deducted.Now when I file return for Apr14 to Jun15 salary do I have to disclose the foreign salary also ?

Santa Kumar ChattriAugust 19, 2015 at 5:29 pm Reply

Which section NRI (Totally US Income) file income is totally exmpted ???


rishiAugust 20, 2015 at 3:13 pm Reply

I am nri and given money to my wife from my nre account who is residing in india.My wife has short term capital gains investing in shares to which stt was paid.

How do i file my returns in india.

jSeptember 2, 2015 at 3:29 am Reply

Can I ask questions without sharing my real name?

jSeptember 2, 2015 at 3:31 am Reply

ok. thank you

jjSeptember 2, 2015 at 4:45 am Reply

I am a GC holder and resident of the USA. I earn a salary in the USA and am in the 25% tax bracket. If in addition to being aresident of the USA, I were to become a India resident by staying longer in India than the permissible period in India to remain a nonresident, what would be my India income tax bracket?

As I will first pay the tax in the USA as the source of income originates in USA how much will I pay in additional tax as my USAincome will place me in India in a higher tax bracket?

How will the Double Taxation Avoidance Treaty between the USA and India operate?

Is there anything in addition that a person like me who could be a resident in two countries have to anticipate when filing taxes inboth countries?

Ajit KelkarSeptember 3, 2015 at 6:04 am Reply

Advice Please,

I am senior citizen permanent resident of Australia thinking of returning back to India.Both my children are citizens of Australia.I have invested heavily into Mutual funds from my NRE a/c for long term.After my demise how will my wealth be transferred to my children my only Kith and Kin ? Do they need to open NRE a/c now itself ?I need to make a will yes ..what else do I need to do.?Please adviceThank you

GiSeptember 8, 2015 at 10:06 am Reply

Hi,

I got Canadian permanent residence in May2014 (not citizenship). In FY2014-15 i was employed in India for about 50 days before igot the canadian residence. After i got the new residence i was still employed in india itself for another 6 months till i got a new jobunder a Canada employer & i moved there (not deputed by my old indian employer).

Because i am working in Canada as a local resident now, do i still have to pay tax from my new job from Dec14-MArch15 as globalincome when filing indian ITR ??? I am already taxed in canada from Dec14 to March15 (the tax year in canada is from Jan toDecember).If i do have to declare, can i get tax credit in india, for the 4 months ill be paying tax in Canada ????To get tax credit, do i have to be earning in the same tax-slab in both countries???For tax purposes have i resided, in india for 182 days as an indian resident (since my residence status changed before i completed182 days in india) ???


YuvarajSeptember 20, 2015 at 12:42 am Reply

Dear Sir, I am a NRI. I got a Resident savings account in SBI which i have opened while i was in India. Last year June 2014 I haveremitted Rs. 1.5 Lakhs from abroad and made a Fixed Deposit of that Rs. 1.5 Lakhs in my savings account at the Interest rate of5.5% per annum for which i got interest of Rs. 6987 and recently I came to know about Tax Deducted at Source (TDS), when Ichecked in my Sbi Acc income tax certificate for the financial year April 2014 March 2015, bank deducted and paid interest ofRs.576.00 for the FD interest. I Dont know what to do to get refund.Please help me in the below queries:1) What should I do now to get refund of that income tax paid by bank?2) As a NRI can I have Fixed Deposit in my Normal Savings Account?3) Can I Submit Form 15G to avoid Tax Deducted at Source for the financial year April 2015 March 2016?4) Let say right now I have FD of Rs. 5 Lakhs at the Interest rate of 7.75% and FD interest income will be Rs.39890 for the financialyear 2015-2016. I dont have any income in India other than this FD interest income. May I still need to pay any income tax for FDinterest income for next year? If so, then how much will be income tax?Thanks in advance for replying.

Sumit SethiSeptember 21, 2015 at 1:32 pm Reply

Have a small query about which Im getting mixed opinions. Hence requesting your expert help on the issue.I am an Indian national.I have a resident Visa of UAE and am on training and troubleshooting visits about 60-90 days a year to the UAE. Fot that i have afixed earning in Dhirams per month being paid in UAE itself.I HAVE NEVER TRANSFERRED OR BROUGHT BACK THIS MONEY TO INDIA AND NEVER INTEND TO DO SO EITHER.I use that earning for my expenditure in the UAE itself.So Am i liable to declare and pay tax in India on that amount which i am earning there and never intend to bring back here?I Shall be very grateful for for reply.Thanks.

Hitesh KhatriSeptember 28, 2015 at 6:40 pm Reply

Dear Sir,

I am doing service in Dubai. My company sent all my salary in my Saving bank account of SBI bank. They already sent more than 20lakh this year. So there any difficulty that i will face or its ok ? Please advice.

PankajSeptember 29, 2015 at 5:08 pm Reply

Hi Team HRBlock,

I am Indian Resident, going US during Jan, next year.

So far I have invested around 1 Cr. in equity. I am looking to keep it invested for next 3-4 year till I come back from US.

Do any realized/notional LTCG on Indian equities are taxable in US under Global Income ?

Pankaj

Vijay PanditSeptember 30, 2015 at 2:51 pm Reply

Hello HRBlock,

I own a property back in India. I am jointly registered for this property with my mother (residing in India). My parents recently rentedout the property in India. But, I am not receiving any proceeds from the rent. All the rent goes to my fathers account, for which hefiles Indian taxes.

Is there any need for me to declare this in my annual US taxes ?


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Thanks,Vijay

satya prakashOctober 5, 2015 at 3:01 pm Reply

I am using a ptc (paid to click) site to earn money and the earnings are in dollar .Also sometime I use my earnings to purchaseservices on the site itself.(I live in india)

Then I use paypal to credit my earning in my bank account in rupees .

Does I have to pay tax . If yes then does i have to pay tax on my purchases also or only on the amount I received in my bankaccount .

Thnks in advance

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