Quote:
Originally posted by ftfl
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?
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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.
As the title of this post says: Either you have an accountant or you don't ?!. If you did you would have been flying by now, instead of suffering without any answers, to your doubts that you still have in your mind and with these these hypothetical figures.
http://www.taxguru.in/income-tax/cost-inflation-index-for-financial-year-2009-10-and-assessment-year-2010-11-notified.html
{{From the tables in the above link:
Say you bought the house in 1981, 1st of April, and the value then say was a Rs.100/- and then sold it today for Rs.632, then you do not pay any Capital Gains Tax. Anything over and above that could be sheltered up to a sum of 50 Lakhs. That is a whopping sum. If you have gains that are more than that, then you have to pay taxes on the gains or to avoid taxes on the sale.you can buy another property and shelter it and hold onto it for another four years and derive a little gain on that, so on and so forth. You can juggle with the table to see what the tax break he will get. It is regards to Capital Gains. }} You don't need this example.
You must discuss this with an accountant and he will explain the same to you till you completely understand what we have been discussing here in the last few posts.
I calculated with your figures provided, without taking any years, into account. The years I am taking into account are the date of purchase and the date of sale. Yes the figure you are quoting $80,000.00 will be free if you are paying a tax on it. The tax you are quoting is $22,000.00. ( That is an extreme figure)
You are only taxed once on the Capital Gains.
Freddie.
Quote:
Originally posted by ftfl
As the title of this post says: Either you have an accountant or you don't ?!. If you did you would have been flying by now, instead of suffering without any answers, to your doubts that you still have in your mind and with these these hypothetical figures.
http://www.taxguru.in/income-tax/cost-inflation-index-for-financial-year-2009-10-and-assessment-year-2010-11-notified.html
{{From the tables in the above link:
Say you bought the house in 1981, 1st of April, and the value then say was a Rs.100/- and then sold it today for Rs.632, then you do not pay any Capital Gains Tax. Anything over and above that could be sheltered up to a sum of 50 Lakhs. That is a whopping sum. If you have gains that are more than that, then you have to pay taxes on the gains or to avoid taxes on the sale.you can buy another property and shelter it and hold onto it for another four years and derive a little gain on that, so on and so forth. You can juggle with the table to see what the tax break he will get. It is regards to Capital Gains. }} You don't need this example.
You must discuss this with an accountant and he will explain the same to you till you completely understand what we have been discussing here in the last few posts.
I calculated with your figures provided, without taking any years, into account. The years I am taking into account are the date of purchase and the date of sale. Yes the figure you are quoting $80,000.00 will be free if you are paying a tax on it. The tax you are quoting is $22,000.00. ( That is an extreme figure)
You are only taxed once on the Capital Gains.
Freddie.
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