I am a housewife and will be leaving for USA on 20th april with my husband on a dependent visa(L2).I sold my shares on 6th april under short term capital gains.I wanted to know that at the end of the year do I have to pay 15% tax here in India or do I need to declare the income in USA and pay tax there.I will not be working in USA.Please advise. Thank you
Dear Taxpayer,
You have to pay capital gain taxes at 15% in India for sale of equity shares.
I am not sure about us taxation but I don't think that you need to pay any taxes in us.
Please feel free to call/revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Madam if the share are held for short term period you need to pay tax on it herein india.
Thanks for the clarification.Just one more help. As I will be returning to India after 1.6 years do i still need to convert my resident demat account to PIS account. I don't plan to sell my remaining shares while in US.Will be using this account only after returning to India.
No need to covert it. You can retain it as resident Demat account. Just make sure you file FATCA declaration properly. Its mandatory to be filed by all USA resident.
sure..will do that...thanks once again
You need to pay tax in India on the gains. No need to declare or pay tax in USA. No need of conversion as per our view .
I Don't think any conversion is required. The same can be reconfirmed by your broker where you have demat account.