Case Study

NRI Taxation > Case Study

Case Study 1

Anjana is a Non Resident Indian.

She has created Fixed Deposit(in NRO A/c) from the income earned in India in the past years. She has redeemed the FD's and is willing to repatriate the amount to Australia to meet her personal expenses. She will need certificate from a CA i.e. 15CA and 15CB to submit at the bank to complete the repartriation. In this case analysis of FD certificate is not sufficient, a CA will have to verify all the documents at the source level and understand the source of income for the FD and whether that has been offered to tax. Eg:- If the FD was created using rental income, CA will verify whether rental income was offered to tax in the relevant years.

Case Study 2

Sarath is planning to buy a flat in Bangalore that will cost him Rs.50 Lakh.

He will be using his savings and investment to buy the flat. He had been investing in equity shares from past 10 years and has made a good profit. Sarath consulted his Chartered Accountant before buying the flat to know the compliances and benefits available. He then realized that he can claim exemption of the investment made in residential property against the Long Term Capital Gain booked on shares. Thus he was able to plan in advance and reduce the taxes.

Case Study 3

Archana is a Non-Resident individual and she referred to only form 26AS for her ITR filing.

She was not aware about the Annual Information Statements (AIS) and did not consider Interest on savings accounts which was appearing in the AIS. Archana received a notice from the Income Tax Department that “Income is not included in the ITR”. Later she had to file the revised return including this income and pay balance tax with interest. So, “Always refer to AIS as well, to ensure all income have been considered before filing the ITR”.

Case Study 4

Sanjay wanted to repatriate money from property sale

but was worried that since he was an NRI and was physically not present in India, will he be able to complete the repatriation process. Nobilis helped him through the entire process and liased with banker, all while the client was physically not present in India. Nobilis were able to complete the repatriation process and client was very appreciative of our services and felt it was seamless as soon as Nobilis came into picture.