After 25 years of foreign earnings, returned to India permanently, does he have tax immunity on his income?

Question

A Chartered Accountant went to Gulf and worked for various foreign oil companies. Sent all his earnings through banking channels. Returned to India after more than 25 years (every year he visited India with his family during school vacation period). Will he have to pay incometax on FCNR interest accruals? Will not he have any tax "immunity" for some period? He also invested in Canada Stock Exchange. When he plans to bring the entire investment back to India in USD how will this income be treated? Any tax benifits are there since he is no longer an NRI but declared his Resident status to his bankers in 2007 Jan.

Answer 1

No.



Any amount that he earned, as an NRI, and transferred to his NRI account, will not be taxable.



There are many other rules to it. Check below links:



http://sify.com/finance/fullstory.php?id=14565543



http://finance.indiamart.com/taxation/nri_taxation/taxable_income.html



Regards.

Answer 2

the amount transferred to india by an NRI is not taxable. but once you come to settle in India, there may be some complications. better check with the concerned authorities to get the correct solution.

Answer 3

a great form of the income on genuine belongings is as a results of inflation, no longer your hard paintings, so which you probably did no longer earn maximum the capital benefit. maximum folk spend 30% of their after tax earnings earnings on housing (undesirable human beings as much as 50%) so getting "loose" hire is an significant addition on your earnings. I even have been a landlord whilst working finished time, and that i realize it demands some paintings, yet even looking after 13 instruments isn't as plenty paintings as working finished time except you do a great form of advancements your self. you have got shaped an company and paid your self wages to your hard paintings lowering the " income on your construction, yet then you may have had to pay sixteen% payroll tax plus earnings taxes on you wages, so which you're becoming to be a wreck paying in trouble-free terms 15% capital valuable properties tax.on your hard paintings