OCI holder to file ITR

OCI holder to file ITR

Hi, I'm a UK passport holder of long standing and was born in India. I also hold OCI card. I am resident and employed in Spain.
I inherited from my mother who passed away in March this year. I have inherited some investments in mutual funds and fixed deposits.
I believe I will be required to file ITR by middle of next year to cover financial period April2019 to March 2020.
How do I file this online? I do not have Aadhaar card as i was told foreign passport holder cannot apply for Aadhaar card. However, I have PAN card.
Can one of your accountants help me file my ITR next year and what will be the charges? I have NRO account so I can call my bank and ask them to issue demand draft for payment. Technically I should be able to pay via online banking but it seems to be not working properly right now.
In addition I inherited three paintings from my mother and sold them at auction so the proceeds will need to be declared in ITR also. I am waiting for the proceeds to clear so I know what is the amount.
Thanks in advance for your advice.
Owing to time difference and the restrictions of my job (I am school teacher and unable to answer calls while taking classes) I would request sms sent to my phone or whatsapp message but whatsapp call will be difficult to answer except Friday and Saturday after 1 pm IST. If message sent to me I can call back when free. Thanks for your understanding.
ARJUN LAL SEN
Mijas Costa, Spain

Asked 5 years ago in Income Tax

Dear Arun Ji,

- You are required to file two ITR;s for for the F.Y. 2018-19. As your mother passed away in March 2019 and you inherited mutual funds and fixed deposits, which means your mother was having income in the F.Y. 2018-19. You should file her ITR as a legal heir for the F.Y. 2018-19. Please check her Form 26AS for the F.Y. 2018-19 for any TDS deduction. To file her ITR , you need to obtain surviving certificate.

- As your mother passed away in March 2019, inheritance happens by default unless there is a registered will. You should show such capital receipts in your ITR for the F.Y. 2018-19. If such assets transferred in your name in the F.Y. 2019-20 then you can file the ITR in AY 2020-21.

- As you are NRI and OCI card holder there is no need of Aadhaar card.

- Sale of paintings will be treated as capital gain. You need to share details of cost of paintings.

Thanks

Vivek Kumar Arora

CA, Delhi

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Talk to Vivek Kumar Arora NOW!

Hello,

To file your ITR you won't be required to have Aadhar Card since you have foreign passport and OCI card.

Sale of inherited paintings would be regarded as Capital Gain for you.

We can help you file your return. For detailed consultation and charges, you can contact us directly or take a phone consultation.

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani

Hunny Badlani

CA, Madhya Pradesh

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Talk to Hunny Badlani

Hi Arjun,

I am professional chartered accountant and can help you filing your income tax return in india.

Also sending you message on whatsapp so that we can connect easily.

Thanks and Regards

Divya Chugh

CA, Noida

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Talk to Divya Chugh

Dear Sir,

Hope you are doing well !!

We may assist you in ITR filing and entire procedure.

It is advisable to take a phone consultation for detail discussion.

Payal Chhajed

CA, Mumbai

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302 Consultations

Talk to Payal Chhajed

Yes I can assist you to file your Income Tax return next year.

Thank you.

You can drop a mail.

Naman Maloo

CA, Jaipur

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Talk to Naman Maloo

Hi Arjun

We may assist you with the filings and advice.

Aadhaar card is not mandatory since you are a Non resident Indian.

There's no tax on inheritance in India. However, sale of paintings shall be taxable as capital gains.

As your mother passed away in March 19, you need to file her income tax return as well for FY 18-19 as a legal heir if she had income above 2.5 lacs in FY 18-19.

Your ITR for FY 19-20 shall be filed till July 2020. In case your annual tax liability exceeds INR 10000, you need to pay advance tax this year. For inheritance received, it shall be shown as exempt income in ITR.

We may discuss further and assist you.

Thanks for the feedback! :)