{"id":33561,"date":"2023-04-15T06:28:07","date_gmt":"2023-04-15T00:58:07","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=33561"},"modified":"2023-04-15T06:28:07","modified_gmt":"2023-04-15T00:58:07","slug":"foreign-investments","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/foreign-investments\/","title":{"rendered":"Foreign Investments"},"content":{"rendered":"<p>An Person of Indian origin, who is having US citizenship,\u00a0 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.\u00a0 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.\u00a0 He has never shown his investment held in USA in ITR &#8211; 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.\u00a0 He has substantial investment in mutual funds, Bank accounts over there, which he wants to bring back to India buy liquidating all his investments.\u00a0 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<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[139],"qa_category":[23],"qa_tag":[875],"class_list":["post-33561","qa","type-qa","status-publish","hentry","qa_expert-research-team","qa_category-income-tax","qa_tag-foreign-investments"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/33561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=33561"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=33561"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=33561"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=33561"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=33561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}