Hi Amitabh, Your knowledge about tax issues is enviable, and I really appreciate your professional way of answering. My question is, I would like to sell a plot which I bought last year. I would like to put the proceedings of the same in my NRO account. I know there is 30% tax on the interest earned, but are there any other tax implications. Please let me know.
RE:For Amitabh
by Amitabh on Apr 27, 2007 10:03 PM Permalink
Hello sir,thank you so much for your comments.However,I just try to share whatever little knowledge I have.I would appreciate if someone can add,or even contradict my opinion if required.This will enhance my knowledge on income tax.You already know that interest on NRO account is taxable.Other than this,I am not aware of any other tax implication that you may face,by just putting the sale proceeds of your land in NRO account.As the plot has been purchased only last year,sale thereof will give rise to short term capital gain and it would be taxed as such.There should be no difference if you deposit the proceeds in your NRO account. I would request all not to put my or anyone slse's name in the subject or the question.This is an open forum and anyone can answer the questions or post comments.
RE:For Amitabh
by Sameer Bhagwat on Apr 28, 2007 11:01 AM Permalink
I had a 401K plan in the US when I worked there about 10 years ago. I was a green card holder then. The plan is now worth about USD 5K. I gave up my green card about 3 years ago. I want to withdraw the money as I need it not. Do I have to pay any taxes in the US or India.
My plan advisor in US has asked me to give proper documents to allow him Not to withold 30% tax. What documents do I need to give him.
When I bring the money to India, will I have to pay taxes in India?
