FAQ
When the seller is a non-resident, the buyer must withhold tax at source. Without a certificate, that withholding is often computed on the entire consideration. We prepare an application under Section 197 so the Assessing Officer can authorise a lower or nil rate based on estimated capital gains after cost and indexation. The buyer then deducts only as the certificate directs.
Once you become an ordinary resident, specified foreign assets and income generally belong in Schedule FA. Omissions can attract the Black Money Act. We inventory the positions before you relocate and file the first resident return cleanly.
Eligible NRO balances can be remitted through an authorised dealer with source documents and, above thresholds, Form 15CA plus a Chartered Accountant certificate in Form 15CB. We prepare the tax pack the bank expects.
High-value transactions are reported to the tax database. A notice is a request for explanation, not a demand. We correlate the purchase with FEMA-permitted funds, file the reply, and close the loop so it does not become a best-judgement assessment.
NRE interest is generally exempt. Capital gains and other Indian-source income may still require a return. Filing also supports refunds, loss carry-forward and later repatriation. We will tell you if a return is mandatory or merely useful.
A 401(k), IRA or similar plan may be a foreign asset, a source of income, or both. Accrual, withdrawal and treaty articles all matter. Map the plan in the year before you become ordinarily resident.
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