Reader’s Query - “I had acquired some equity shares 10 years ago which have appreciated several times in value. I am a non-resident Indian and hold a NRO account with an Indian Bank. Since the shares are unlisted, if I wish to sell them and repatriate the sales proceeds abroad, would I need to take permission required from the RBI? Also would there be Capital Gains tax chargeable? Please advise.”
Long-term Capital gains is exempt only if the shares are listed on an Indian Stock exchange and Security Transaction Tax (STT) paid on the same. In the instant case, as the shares are unlisted and no STT has been paid, long-term capital gains tax would be applicable.
Under the current foreign exchange regulations, a non-resident Indian/Person of Indian origin is permitted to remit up to $ 1 Million per Financial Year (April to March) for bona fide purposes, subject to specified conditions.
0 comments:
Post a Comment