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Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
October, 15th 2016

I am an NRI, citizen of Ireland visiting India once a year. I have a flat in Mumbai and have PAN in India. Though, at present, I have no taxable income in India, in future I would like to invest in shares and mutual funds through my NRE account in India. As per Indian tax laws, whenever I sell these assets I need to compute the LT and ST capital gain and file the I-T return.

Do I have to declare the Indian income in Ireland and take rebate of tax paid in India? I am aware that a US citizen is expected to declare income of India and take rebate of tax paid in India. Also, what should a citizen of Singapore do for his income from India?

You will be liable to pay tax on the income which you will earn in India as per the provisions of Income Tax Act, 1961. Dividend from the companies, income distribution by mutual fund, long-term capital gains earned on sale of listed equity shares will be exempted from the tax.

With regards to the liability for payment of tax in Ireland and Singapore, it will depend upon the local law applicable to you in Ireland and Singapore. Please take professional advice in this regard in Ireland and Singapore. If the income earned in India is liable to tax in Ireland and Singapore then you will be entitled to claim the rebate for taxes paid in India while computing liability in Ireland and Singapore.

I am holding a HUF account with me as the karta and my wife as one of the partners. I want to add the names of my son and daughters to this account. My son has returned from abroad while my daughter continues to stay abroad. How should I go about it?

MS Kumar
The HUF (Hindu Undivided Family) account which you hold belongs to all the members of the HUF. Your HUF consist of yourself, your wife, your son and your daughter. All the four members of HUF already hav ..

You may make a declaration to this effect and ask the bank to include the name of your son and your daughter after complying with the formalities of the bank. If your daughter is staying in the USA then the FATCA (Foreign Account Tax Compliance Act) provisions may be applicable and the bank may ask for more information before including the name of your daughter.

I am holding shares of SABTNL (Sri Adhikari Brothers Television Network) for more than one year. Following a demerger, I also received shares of two other companies - TVL and SAB Events. If I sell shares of TVL and SAB Events, will it be treated as short-term gain or long term?
Manish Ashar

As per provisions of explanation -1(g) of Section 2 (42A), your period of holding of the shares of SABTNL will also be considered for the purpose of computing your tax liability on transfer of shares of TVL & SAB Events. Depending upon the holding period of shares of SABTNL, the gains earned by you on transfer of shares of TVL & SAB Events will be treated as short-term capital gains or long term capital gains.

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