Resident Indians can hold foreign currency outside India The tax liability from the income earned by an NRI from the sale of overseas stocks and securities will depend on residential status for the year in which such investments are sold. In case you are a resident of India for tax purposes, your entire income, irrespective of where it is earned, would be taxable in India. However, if you are non-resident, only the income received or accruing or arising to you in India or deemed to be received accrued or arising in India is taxable. Since the income earned by an NRI from sale of stocks and securities, which are located outside India, the same should not be taxable in India. However after becoming resident of India you can maintain foreign currency outside India if such currency is acquired held or owned when you were resident outside India. There is no need for you to intimate the income tax authorities in India of your return. However, in the event NRI has any income chargeable to tax in India, income tax return has to be filed.
Posted on: Thu, 13 Mar 2014 11:31:01 +0000
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