You are here: Home >> English News & Features >> BUSINESS & ECONOMY

Accrued gains are taxed even for non-citizens

DNMUM396591 | 9/14/2017 | Author : Harsh Roongta | WC :752

personal finance

My daughter was born in the US and hence is a US passport holder. However, we returned to India 17 years ago. So, she is a resident of India holding an Overseas Citizen of India (OCI) card. Mutual fund distributors are suggesting to apply for her KYC as resident. Please advise on the correct status to apply for KYC/ FATCA for her.
--Prashant
Investors frequently get confused between residential status and nationality. Since your daughter is currently a resident in India she will have to register as a resident only. Of course while registering she needs to provide the details of her US nationality and her US tax ID number in the relevant places. Please take proper professional consultation as US citizens may have to pay tax
Read full story


Copyright restricted. Under license from www.dnasyndication.com   
Add To Lightbox
Calculate Price

More on BUSINESS & ECONOMY

Include holiday planning as one of your financial goals
DNMUM416593 | 6/21/2018 12:00:00 AM | Author : Amar Pandit | WC :493

More Indians are taking to leisure travel and in greater frequency, with rising levels of income and higher spending capacities. While many people plan their travel bookings three to six months in advance, it is equally important to plan for vacation
Add To LightboxCalculate Price

Should NRIs file tax returns in India?
DNMUM416594 | 6/21/2018 12:00:00 AM | Author : Rishabh Parakh | WC :604

Whether you are a Non-resident Indian (NRI) or not, if your Indian income from any source, in any financial year, is more than Rs 2,50,000, then you are required to file your tax return in India. Further, NRIs tax filing in India depends on their res
Add To LightboxCalculate Price

Use knowledge from yogic principles to avoid financial mistakes
DNMUM416595 | 6/21/2018 12:00:00 AM | Author : Arun Thukral | WC :627

Many feel that the only benefit of yoga is to help us become physically fit. However, digging deeper into Yogic principles can help unearth its rich wisdom to improve every aspect of life. Approaching equity markets armed with the knowledge of yogic
Add To LightboxCalculate Price

Airport firms reject land proposal
DNMUM416596 | 6/21/2018 12:00:00 AM | Author : Shahkar Abidi | WC :770

The proposal made by consultancy firm EY with regards to fair rate of return (FRoR) for airport lands has been rejected by the airport operators, who now want the government to accommodate their recommendations before coming out with a final order on
Add To LightboxCalculate Price