I’m a US citizen holding an OCI (Overseas Citizen of India) card. I own three apartments in India that I purchased in the early 2010s. I plan to sell two of them—one in December and the other in February 2025. Against the sale of these two apartments, I plan to buy two new apartments. Can … Read more
I filed my income tax return (ITR) as a non-resident Indian (NRI) and it has been processed. If I want to revise the ITR before 31 December do I need to file an updated ITR? I forgot to show some interest income that is taxable at 12.5% under a double taxation avoidance agreement (DTAA). – … Read more
I’m planning to return to India after working abroad for 35 years. I have some FCNR deposits. I have been advised to convert them to RFC deposits upon my return. Like FCNR deposit interest, is RFC deposit interest also tax free?—Name withheld on request Returning Indians have the option to convert their FCNR (foreign currency … Read more
I am a non-resident Indian (NRI)) and have my own business in Dubai. I have invested in shares as well as mutual funds in India. I have received dividend on shares and mutual funds. Can I get any benefit of lower taxation under treaty for dividend income? —Name withheld on request Under the India-UAE Double … Read more
I have been working in merchant navy for five years. Every year, the high seas voyage amounts to about six-seven months. However, during FY24, due to my marriage, I could not serve for long and the period of voyage was only about five months. What will happen to the salary that I have received in … Read more
I am currently employed with an MNC. I relocated to the UK from Bengaluru in August 2023. In April 2023, I exited my investment in a startup in 2010, and used the proceeds to buy a house to claim tax benefits. Am I still eligible for this tax exemption, or will I lose the benefit … Read more
I am a non-resident Indian (NRI) living in Germany. I have recently sold an immovable property in India and reinvested the sale proceeds (post tax deducted at source) in another residential property as per instructions of my tax consultant to save tax in India. Though the capital gains will not be taxed in India, I … Read more