How to open Capital Gain saving account in India ?
Jump to Page:
< Previous [ 1 ] [ 2 ] [ 3 ] Next >
Posted on: 07-06-10 08:13:04
hai my self vipin kumar srivastava new here I want to know more but about it. how please reply me some one
thanks in advance
What do you want to know and need more explanations with?
Freddie.
Thanks all for contributing
Now I know various options of investing money what person is getting from selling Property in India
But still I am looking for Capital Gain Saving account information in SBI
I didn't find any form or link on same
Did anyone really open such account for depositing money after sellling property
At many places, in various reply it says person can bring back those money to Canada. How I don't know ?
What will happen with taxes in Canada ?
Will CRA ask person to pay any tax ? If yes what will be rates
Quote:
Originally posted by m2611
Thanks all for contributing
Now I know various options of investing money what person is getting from selling Property in India
But still I am looking for Capital Gain Saving account information in SBI
I didn't find any form or link on same
Did anyone really open such account for depositing money after sellling property
At many places, in various reply it says person can bring back those money to Canada. How I don't know ?
What will happen with taxes in Canada ?
Will CRA ask person to pay any tax ? If yes what will be rates
--------------------------------
Here is the State Bank of India website and the details about the Capital Gains Savings and how to go about opening an account with them. It is mind boggling when you first start doing all of this. Then it slowly grows on you.
It is like the Yogi going to the Foot Hills in the Himalayas, looking for eternal salvation. He sits at the foot hills with a yoke to rest his one hand and a Lota or a Piala of water to wet his whistle. You never know if he entered into the realm of the Gods. When he does, he goes into deep stupor never to return back to tell you what he saw or how he made it to the other side. Here in this real world we have a few people whom we call as MENTORS, they have been doing it all along and some get to know the intricacies of all of these deals and transactions by learning the ins and outs of such investments and teaching others too, to make gains and inroads into a few of the fields worth exploring. You are on the right track. Remember, East is East and West is West and never the twain shall meet, unless the two twains are on the same twack.
IT is all in here, read it thoroughly and re-read it again.
https://www.onlinesbi.com/nri/sbinri_faq_tax.html
YES.
When you open an account with them they will help you with the FOREX end of it. Go and sit down with a Manager in One such Bank and discuss the details about the situation you are in and ask them for help.
Taxes if paid in India will be given due credit here too.
Yes they always will. That is why I asked you to see an accountant and pay his FEES. They know how to fudge.
Your rates will be based upon your income earned in Canada. They will add your Capital Gains made from the sale to it. First 50% of the gains are free. You then add the other 50% to your income here in Canada. Based upon that you pay the taxes, in the brackets you then enter.
Thanks for asking.
Freddie.
Quote:about this forum and it's member
Originally posted by ftfl
What do you want to know and need more explanations with?
Freddie.
Quote:
Originally posted by ftfl
Some want to take it out of the country and at the end of Three Years. You can withdraw the whole amount and the Bank Manager will help you repatriate that sum, Principal and Interest, in Foreign Exchange to Canada or any other Country of your choice.
Freddie.
1. After withdrawing the whole amount and interest, will this amount be subjected to any tax in India?
2. If this amount is repatriated, will this amount be subjected to any tax in Canada?
Quote:
Originally posted by web2000
Quote:
Originally posted by ftfl
Some want to take it out of the country and at the end of Three Years. You can withdraw the whole amount and the Bank Manager will help you repatriate that sum, Principal and Interest, in Foreign Exchange to Canada or any other Country of your choice.
Freddie.
1. After withdrawing the whole amount and interest, will this amount be subjected to any tax in India?
2. If this amount is repatriated, will this amount be subjected to any tax in Canada?
---------------------------------------------------------------------------------------
To be brief, ...
1) ...Once the amount of the Capital Gains has been established by the accountant and the sum determined is deposited, (Some portion is allowed free of taxes and gains) the Principal amount will accrue Interest in the bank.(Annually) That portion of interest is subject to Tax and will be with held by the bank and will be paid to the Income Tax Department in India. YOU can claim this upto a sum of !.5 Lakhs by filing a tax return. I think it is 1.6 Lakhs for the women.*
2) Once any Tax has been paid to ONE GOVERNMENT, it is free to be brought into Canada. The banks will help you as they stand to gain by the Foreign Exchange transaction. There is a treaty between India and Canada and it is called DTAA.
http://answers.oneindia.in/index.php?article=402 This treaty protects one and all.
Just a little while before I mentioned this to another individual here on this CD, how to get money into Canada in the form of a gift, by relinquishing the rights to a business.. http://answers.oneindia.in/index.php?article=407
Freddie.
