Runescape accounts for sale pure12/2/2023 ![]() ![]() Since the property is in India, the capital gains are likely to be taxed in India. He can also choose to buy capital gains bonds, but the maximum limit for such investment in a financial year is Rs 50 lakh. However, this property should be in India. How will his long-term capital gain be taxed and where should he invest to avoid this, considering that he’s not an Indian citizen anymore? Will these proceeds be taxed in Australia as well?Īrchit Gupta, CEO, ClearTax: Assuming that your brother-in-law is a non-resident Indian and on the basis of the facts provided by you, he can sell the property and invest the capital gains in another property to save tax. He wants to sell the flat now and expects to get Rs 1 crore for it. He migrated to Australia in 2008 and became an Australian citizen in 2013. My brother-in-law bought a flat in Kothrud, Pune, for Rs 18 lakh in 2004-5. In Canada, only interest income earned on the amount transferred, or any other income received during the fiscal year (as mentioned), is subject to tax, for which you can claim tax credit under DTAA there. This certifies that if the amount transferred is tax-deductible, then adequate tax has been deducted and paid. Sudhir Kaushik, Co-founder & CEO, TaxSpanner: The repatriation of money outside India requires one to submit Form 15CA, Form 15CB & A2. ![]() In such a case, will the net amount repatriated to Canada be taxable there as it has been declared in the returns in India and taxes have been paid? India and Canada are signatories to a Double Taxation Avoidance Agreement. He can then remit the net amount to his account in Canada. He can file his tax return for this income (which will be non-taxable as the transfer is from father to son), in India, along with any other income received during the financial year, and pay taxes here, if any. I want to transfer some amount to his NRO account in India. He is gainfully employed and pays his taxes there. My son is in Canada as a permanent resident. Mutual Funds Spend P2P Data Center Fuel Rates Diesel Rates Petrol Rates Bank Pan Number Bank holidays Penny Stocks MF Ratings & NAV Top Performing Schemes Top Star Rated Schemes Top Tax Saving Schemes Highest Risk Adjusted Return New Fund Offers Forthcoming Dividends NPS Top Performing NPS Scheme Most Consistent NPS schemes ETF Perfomance Latest Prices Listed Bonds Traded in Cash Market ULIPs ULIP Schemes Calculators Recurring Deposit Calculator Fixed Deposit Calculator LTCG Tax Calculator Income Tax Calculator Rent Receipt Generator SIP Calculator IFSC Bank Code NPS Calculator Invoice Generator EPF Calculator House Property Income HRA Calculator Sukanya Samriddhi Calculator Education Loan Calculator Car Loan Calculator Home Loan Calculator Personal Loan Calculator Risk Tolerance Calculator Financial Fitness Calculator Buy Online Health Insurance Car Insurance 2 Wheeler Insurance Interest Rates Recurring Deposit Rates Fixed Deposit Rates Bank Fixed Deposits Rates Post Office Schemes Rates MCLR Loan EMI Participate & Win Stocks & Shares ET Wealth ET Wealth Editions Buy Wealth Magazine ET Wealth Newsletter ![]()
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