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Q: How to get income tax clearance to leave India?

A: Any person who goes to India for the purpose of employment and has income from any source in India is required to provide an undertaking that all taxes have or will be paid.In cases where tax is...

Q: Do an NRI file dual tax (USA & India) when returning to India and choose to work in India?

A: ndia and the United States have a tax treaty so that their citizens can avoid double taxation. Where you pay taxes will depend on the number of days in a taxation year that you work in India....

Q: What are the Customs duties on gold (gold bars) importing to India?

A: There is no such thing as zero duty on gold bars taken to India by a passenger. The only duty free allowance that is allowed is on gold ornaments and is limited to Rupees 50,000 for men and Rupees...

Q: What are the custom duties on cars taken to India?

A: The rate of duty charged in India presently works out to about 181% Customs duty is charged on the basis of list price prevailing.Trade discount and in the case of used second hand cars the...

Q: What are the implication of DTC for NRI for capital gains tax and dividend income of mutual funds?

A: 1. Capital gains for NRI Units of equity oriented fund: The distinction between long term capital assets and short term capital assets has been dispensed with. The benefit of indexation of cost...

Q: What are the tax implications for an NRI on NRE FD account when he is planning to move back to India?

A: On changing status from Non Resident Indian to Resident Indian, he can continue with the existing NRE deposit, till maturity. However, the maturity instructions for the same to be changed from...

Q: What are the tax policies on fixed deposits for an NRI?

A: Interest on Fixed deposit is chargeable to tax under the head income from other sources. Generally, the bank will deduct tax at source @ 10% from the interest.

Q: Do NRIs having both NRE and NRO account need to file taxes in India and US both?

A: NRE account in India is not taxable, However NRO account is interest is taxable at 30% + Service charge + Edu cess. Coming to the case of filing tax in US pertaining to income from India, you...

Q: What are tax liabilities for the sale of proceeds to sell property in India and buy a house in the US?

A: As per the foreign exchange regulations in India, since you would be a NRI in India, you can sell a residential property to:- 1. A person resident in India 2. An NRI 3. A Person of Indian...

Q: What are the tax implications to sell the house that was built 7 years ago , and the rate that will be charged as tax?

A: You will be liable to long term capital gain tax at the rate of 20%. You can claim exemption out of the capital gain if you purchase another residential house within 1 year before or 3 years after...