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Q: I have been staying in Brussels for work since 1st April 2017 and will be travelling to India on 11th November 2018, I will be travelling back to Hungary for work by 31st January 2019. I need to know if i will be considered NRI or Resident for tax purpose for current financial year?

A: Your taxability in India depends on what your NRI status is for the current financial year. Any Indian citizen who leaves the country for a job or to serve as crew in an Indian ship for more than...

Q: I am planning to take the desktop monitor to India. Did I need to pay tax for it?

A: The electronic items which included products such as mobile phones, microwave ovens, electricity meters, video recording devices, and digital cameras, lamps and lighting fixtures which are imported...

Q: Hello: I am OCI (USA citizen) working in India. I am a software pro working for a USA company and working from India.(telecommute). My Indian tax status is now :Resident Indian. Was in India since last 4 years. I also do taxes in USA since my job is in USA.(W2). Last year, 2017, I sold stocks in my USA stock account and got some gains(long term gains) So it this stock sale income taxable in India? Gains were from Long term. Held stocks from mpre than 3 years. Any advise/help appreciated. Thanks

A: Income Tax laws in India specify that immovable property held for more than 36 months – or 3 years – before sale, fall under long-term capital gains. For stocks, shares and bonds, this period is...

Q: How can I bring a ps4 from Dubai to India without paying any custom tax?

A: You may not need to pay any custom duties and taxes if you will hand-carry the item. It may be hassles but is the best way to save.

Q: What is the maximum customs duty plus any other taxes that are applicable on a used car owned for more than a year, imported for personal use under transfer of residency to India.

A: NRIs who are returning to India after a stay abroad may avail the “transfer of residence” for permanent settlement. Under this, you are allowed to import one car or motorcycle (new or used)...

Q: Is Section 44ADA of (Indian) Income Tax Act 1961 as updated applicable to RNOR

Q: Is section 44ADA is applicable to RNOR for FY 2016-17

Q: Can an OCI Card holder who has settled down in India since over 5 years claim deductions under Section 80C and 80D while filing IT Returns? If yes, which deductions are they eligible for and upto what limits?