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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.
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
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DNMUM397074 | 9/22/2017 12:00:00 AM | Author : DNA Money Correspondent | WC :188

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Hotel room prices to rise up to 20%
DNMUM397087 | 9/22/2017 12:00:00 AM | Author : Ashish K Tiwari | WC :273

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SBI steps into Usha Martin promoters’ dispute in NCLT
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