• Advice on taxing when moving to different country

I am moving Australia for 4 years
Asked 5 years ago in Income Tax

It depends when are you moving to different country and what is your purpose of moving.

Thank you

Naman Maloo
CA, Jaipur
4272 Answers
97 Consultations

5.0 on 5.0

As you are leaving for 4 years. If Visa will also for 4 years or more then you need to obtain NOC from the tax department. You need to clear all your dues before leaving.

 

Rent on Bangalore property will be taxable in India.

Vivek Kumar Arora
CA, Delhi
4840 Answers
1037 Consultations

5.0 on 5.0

Since you are moving in mid April so you won't be a resident in India for FY 2019-20 and therefore only the income earned in India i.e. rent will be taxable from FY 2019-20.

Naman Maloo
CA, Jaipur
4272 Answers
97 Consultations

5.0 on 5.0

Hi

There are no such extra requirements with respect to Income tax law. 

You need to file ITR as a Non resident from FY 19-20 onwards if your total income exceeds 2.5 lacs and show rental income and all such income that accrue/ arise/ received in India.

Also, if annual tax liability is more than 10k, advance tax provisions shall apply.

Lakshita Bhandari
CA, Mumbai
5687 Answers
910 Consultations

5.0 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

NRI or not, any individual whose income exceeds Rs.2,50,000 is required to file an income tax return in India.  

 

You need to disclose rental income in your ITR and all other income accrue/arise/earned in India.

 

 

Payal Chhajed
CA, Mumbai
5188 Answers
289 Consultations

5.0 on 5.0

Further, if your tax liability exceeds Rs 10,000 in a financial year, you are required to pay advance tax. Interest under Section 234B and Section 234C is applicable when you don’t pay your advance tax.

Payal Chhajed
CA, Mumbai
5188 Answers
289 Consultations

5.0 on 5.0

From tax perspective, you will have to file your tax return till March 2019.  Since you were resident till March 2019.  Please ask your bankers and re-designate your bank accounts as NRE / NRO.

The tax residential status determines your taxable income in India.  For ordinarily person worldwide income gets taxable in India. Ensure that you remain non-resident in India for tax purpose during the above 4 years as non-residents are taxable in India for Indian source income. You will also be required to file your tax returns in India during this 4 years, if you have taxable income in India. You may also appoint a power of attorney holder, in case someone has to do some legal / financial / banking transaction.

Jasmina Jain Shah
CA, Greater Mumbai
454 Answers
4 Consultations

5.0 on 5.0

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