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Letter from IRS asking for past tax dues
Posted: Sun Mar 08, 2009 11:39 am
by scorpio
Thanks again. On a related note, are these capital gains then subject to Indian taxes? Is the Indian IT dept notified if the W8-BEN is submitted? Also, since I had a capital loss carryover from the time I was in the US, can this still be adjusted against any subsequent profits made on the US market after R2I?
Letter from IRS asking for past tax dues
Posted: Sun Mar 08, 2009 8:44 pm
by Desi
scorpio;157178Thanks again. On a related note, are these capital gains then subject to Indian taxes? Is the Indian IT dept notified if the W8-BEN is submitted? Also, since I had a capital loss carryover from the time I was in the US, can this still be adjusted against any subsequent profits made on the US market after R2I?[/quote]
I do not see why any financial institution will forward copies of W8-BEN to Indian Income Tax dept.
The law reuires an ROR to pay taxes on global income in India.
If one is RNOR, then such capital gains realized during RNOR period are not reportable in Indian Income taxes.