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GC/OCI and assets &taxes
Posted on 26.07.2010 22:02
GC/OCI and assets &taxes
Hello All,
I am going to apply for German citizenship, for this I went through the most of reply on this topic but I did not find complete answer to one of the question
German citizenship + OCI card what is going to happen to inherit and some of the own property which might give me some income in future and tax is going deduct through the Indian bank.
Do I also need to declare Indian income here once I get the German citizenship?
Do I also need to pay tax on Indian income like Abgeltungssteuer? I do not know much about this.
I am going to ask to the tax adviser but any experience to those who already have the GC and OCI.
Best Regards,
Bolt
Bolt09
Member since 26.03.2009
Posted on 27.07.2010 05:31
Re: GC/OCI and assets &taxes
As A german tax payer you have to declare your global income and pay tax on them.
Dual tax treaties are applicable so some where you have to pay taxes.
Now as a German passport holder you are not allowed to have certain types of property in India.Agriculture ,farm house e.t.c.
yes you have to pay taxes on the income generated in india either in india or in germany.
This is a legal view only.
havehope
Member since 23.07.2004
Posted on 27.07.2010 11:43
Re: GC/OCI and assets &taxes
Havehope!
Thanks for the information.
I will have to apply OCI immd.after GC so that I can hold the inherit property and own property and pay tax, this is what read in the forum as well as the RBI site.
http://www.rbi.org...FAQView.aspx?Id=33#14
Thanks!
Bolt
Bolt09
Member since 26.03.2009