|Question And Answer|
|Answered by:||Research Team|
|Date:||April 15, 2023|
An Person of Indian origin, who is having US citizenship, has after working in Canada and USA for many years, has not settled in India and is residing in India for more than 15 years and his status as per Section 6 of Income tax act is Resident and Ordinary resident. He is filing regular return in India with respect to his Indian income and He is also filing return in USA with respect to his income in mutual fund, investments etc derived in USA. He has never shown his investment held in USA in ITR – Schedule FA. So he is filing two returns in two countries, One in India and is showing only Indian income in that and one in US and is showing only US income there. He has substantial investment in mutual funds, Bank accounts over there, which he wants to bring back to India buy liquidating all his investments. What will be tax implications on such amount which he bring to India by liquidating all his USA Investment and how to minimize the same. Can he get the credit of TAX paid in USA while filing his return in India
One has to study the facts before giving any advice. The querist will get the credit of tax paid in USA . It will be desirable to contact the Tax consultant with detailed facts .