M
Manu Mewari
Hello, I had purchased a flat in July 2012 for 35 lakh rupees (plus approx 2 lakhs for stamp duty & registry). I had sold the flat in september 2017 for 49 lakh rupees. Do i have to invest whole profit in another property? Could you tell me if i do not want to buy a new property, how much tax i would have to pay as long term capital gain tax?
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1) You have to invest the gain amount (49-35 = 14)
2) Approx tax amount : 2.8 Lakhs
Full calculation can be shared on consultation !
P
Prashanth Lalan
What are the procedures to repatriate funds from an NRO Account to a Foreign Bank specifically when such funds are derived from a short term bitcoin trade in an Indian cryptocurrency exchange?
Crypto currency trading income or sale proceeds is not recognized by RBI and FEMA till now.There is a committee formed by government to understand crypto currency post which a new law will be formed. So i believe that the procedure to repatriate money is not yet formed.
You may have to pay STCG tax if currency holding was less than a year.
However you may check with your bank if they are allowing to repatriate crypto income from NRO A/c.
I am an Indian individual, selling online courses on Udemy, a USA based online learning company. I am planning to receive my monthly earnings from Udemy.com (in Dollars) to my Paypal account. The Paypal will convert $ to INR and send the money to my local bank account in INR.
My question is:-
1) Do I need to receive the fund from PayPal to the Current account or Savings account will work?
2) Whether the income earned from Abroad (USA - Udemy) is taxable in India?
3) Whatever money I receive in my Indian Bank account, Do I need to pay tax on it to the Indian Government?
4) I am just an Individual person and working alone from home, then whether it is considered as a business or a freelancing work?
Please answer question wise, one by one.
Thanks & Regards
1) Current account
2) Yes
3) Yes
4) Freelancing work
Thank You Sir
R
Rahul Alapati
Dear sir,
I am an NRI. I do not have much taxable income in India. I have some NRI FDs and savings account interest and investment in the stock market as a long-term investor. Till now I didn't get the need to file income tax returns. I thought of selling some stocks which were held by me for more than a year. Do I need to pay any tax on the profits and do I need to file returns? I prefer not to file returns at this juncture but continue to book profits and reinvest. Am I answerable to any queries from the tax department in future?
NRIs can invest in Indian Markets subject to restrictions, further the investment has to be done only via a NRE account and with a Portfolio Investment scheme.
1) Stock holding more than a year: No Tax
Less than a year: 15 % flat (Broker will deduct TDS and pay)
2) IT returns not required if NRIs have only share trading Income
P
Pulkit Shukla
Hi,
I have been trading in cryptocurrencies like Bitcoin, Ethereum, etc on foreign exchanges. I read it somewhere this is a violation of FEMA Act, is it true?
Can be true cannot be true!
As of now even the government is not clear. They have to first decide what is cryptocurrency's: whether it is a currency or an investment or will be treated as goods/services.
For example: if it is treated as investment then person dealing in that has to pay capital gain tax. if it is treated as goods/services then have to pay GST
In your case: Trading in foreign exchange: if they say yes it is a currency then it will be violation of FEMA
To conclude: Let the government decide the nature of transaction, only then the violation of law can be decided. Also till date there is direct law on cryptocurrencies in India.
*no direct law on cryptocurrencies in India.
T&C apply
