Hi, I am an Australia Permanent Resident. I sold a joint property (me and my fathers name) in India and want to bring that money to Australia. What are the tax implications of this both in india and australia and whats the best way to bring money to australia?
2 Answers from Attorneys
Best course is
Occasion deposit of the amount in Indian Bank and have it transferred to your account in Australia.
All tax issues will be taken care of by the bank.
Or in the alternative, you can occasion deposit of the amount in your Australian account, if the said bank has a branch in India
You need to get the valuation of the property done for Capital Gains Tax purposes, thereafter based on indexation calculate the tax payable, pay the tax, the balance can be transferred through the banking channels officially.
As far as Australian Tax Implications are concerned, please contact appropriate person in Australia. as I am not competent to comment on Australian law.
Related Questions & Answers
-
Can a person file a civil suit seeking stay of recovery of penalty imposed by the... Asked 3/24/13, 11:39 am in India Tax and Taxation Law
-
My father owned a enterprise, the enterprises was in loss , he costed the company... Asked 3/23/13, 10:09 am in India Tax and Taxation Law
-
I am a lessee of a shop taken on lease from a partnership firm which owns the... Asked 3/19/13, 4:57 am in India Tax and Taxation Law
-
I am 33 yrs old. My wife expired and she was working in postal department. We had a... Asked 3/18/13, 6:08 am in India Tax and Taxation Law
-
I have a demat account with a bank from where i bought shares since april2012-till... Asked 3/12/13, 10:33 am in India Tax and Taxation Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
