Ask Your Expert – Online Tax Queries

Query ID: 0118
Question By: Jesmen 
Australia Australia

Q: Do foreign citizens (say Australian citizen of indian origin) can be deemed resident if his Indian income greater than 15 lakhs

A. The clause of Deemed Resident is only applicable to an individual who is a citizen of India. However, PIOs (foreign […]

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Query ID: 0117
Question By: ARUN 
United Arab Emirates United Arab Emirates

Q: what happens to remittance done by NRIs from NRO accounts – does TDS apply?

A. The interest on NRO is fully taxable and TDS is applicable @30% thereon. The funds from NRO are repatriable @ […]

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Query ID: 0116
Question By: Sunil Jain 
United Kingdom United Kingdom

Q: You may end up being resident in two countries if you stay for 120 days in India and >183 days in UK, what are the implications for personal taxation.

A. A person may be a Resident of two or more countries, depending upon the tax residency rules of those countries. […]

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Query ID: 0115
Question By: K.Satyajit Patra 
United States United States

Q: Is there any TDS if an NRI intends to transfer money from India to abroad?

A. The 5% tax is applicable for remittances by Residents under LRS. It has nothing to do with NRIs.

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Query ID: 0114
Question By: Priyabrata Patnaik 
United States United States

Q: NRIs remitting money from their NRO account to outside India, Will they be charged TDS?

A. The 5% tax is applicable for remittances by Residents under LRS. It has nothing to do with NRIs.

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Query ID: 0113
Question By: Sriram 
Singapore Singapore

Q: can a OCI hold aadhar card?

A. YES, only when he is in India on a visit.

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Query ID: 0112
Question By: sumit 
Singapore Singapore

Q: are there any investment restrictions to invest the LRS remitted amount overseas

A. The permissible capital account transactions by an individual under LRS are 1. Opening forex account with a bank abroad. 2. […]

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Query ID: 0111
Question By: C S Rao 
India India

Q: Is my foreign salary / consultant fee is taxable in India, if Ioose Nri status this year because of Covid situation. ( More than 182 days stay in India this year)

A. Taking note of genuine hardship in such cases, the Central Board of Direct Taxases (CBDT) has issued a circular on […]

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Query ID: 0110
Question By: Akshey Gandhi 
United Arab Emirates United Arab Emirates

Q: Are short term capital gains on shares treated as regular income and benefits of 80c be availed to offset taxes

A. Short-term capital gains arising from sale or transfer of shares was and continues to be taxed @15% flat, u/s 111A. […]

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Query ID: 0109
Question By: Shahvir Pooniwala 
Saudi Arabia Saudi Arabia

Q: Sir what happens when a flat booking is cancelled and interest accured is for 3 years. How is it considered for taxation

A. The concession claimable by you on interest paid by you becomes null and void unless you fulfil the conditions by […]

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