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Money transfer from India to Germany

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Money transfer from India to Germany
Antwort
20.02.06 01:35
I have two questions regarding money transfer from India to Germany.

1. Suppose a person living in Germany, invests in property in India. After sometime, he sells it with profit. Now the question is how will that money be transferred to him back in Germany without taxes, as he paid all liable taxes in India?

2. If you inherit a property in India, and you want to sell it. Is it possible to bring the money (after paying all liable taxes in India) to Germany, if yes how and does any taxes are applicable on such money.

I will be great full if someone can answer the above questions.

Regards,

Rajnish
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Re: Money transfer from India to Germany
Antwort
20.02.06 11:09 als Antwort auf Rajnish Kumar.
@rajnish_ban

"1." generally speaking, you'll need to pay tax. but why do you want to keep it in public?

"2." this i'm not sure, but why do you want to keep it in public?
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Re: Money transfer from India to Germany
Antwort
20.02.06 22:04 als Antwort auf Rajnish Kumar.
Hi Rajnish,

In my opinion,

The money you earn in your home country will not be taxed but this earnings could be used to determine your applicable tax rate.

If you had purchased the property declare the profits as earnings.

This was also in my case where i was paid in india as well as here. The earnings in india were used only to determine tax rate but the actual tax paid was for earnings in Germany.

Its better to be transparent inorder to avoid any trouble. As if you are caught cheating the consequenses could be worse.

It would be best to check with the tax consultant.

Regards
Savio
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Re: Money transfer from India to Germany
Antwort
22.02.06 14:27 als Antwort auf Rajnish Kumar.
Hi Rajnish,

As far as I know,

1. Suppose a person living in Germany, invests in property in India. After sometime, he sells it with profit. Now the question is how will that money be transferred to him back in Germany without taxes, as he paid all liable taxes in India?

1a)If you have invested in India based on a repatriable scheme then foreign investments are freely repatriable. All depends on the various deposit schemes(NRE, NRO, FCNR) you choose being an NRI. I think regarding taxes you should check with a tax consultant in Germany.

2. If you inherit a property in India, and you want to sell it. Is it possible to bring the money (after paying all liable taxes in India) to Germany, if yes how and does any taxes are applicable on such money.

2a)Yes it is possible for the sale proceeds to be remitted abroad. (Amount not exceeding $ 1 million, per calendar year subject to production of documentary evidence in support of inheritance and Tax clearance certificate/no objection certificate from the Income Tax authority to the authorised dealer for remittances) Note:- If you are a PIO and a citizen of Pakistan or Bangaladesh or Sri Lanka or Afghanistan or China or Iran then you need permission from RBI. I am not sure in this case you need to pay any taxes in Germany but any way your local tax consultant should give a clear picture on this.

I think you should also consult RBI authorised institutions like national banks etc. in India for clear procedures inorder to transfer funds abroad from India.

regards,
Jithendra
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RE: Money transfer from India to Germany
Antwort
23.04.13 23:34 als Antwort auf Rajnish Kumar.
HI,
As per my knowledge,

1)that persome will be liable for the payment of taxes. 

2)No idea about this.
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