Tax implication on migration of high net-worth individuals
Live MintHistorically, individuals have migrated from one country to another for various social and economic reasons like better quality of living, education, employment and business opportunities, law and order conditions. Under Indian tax laws, tax residential status depends on a combination of stay days in India during the current fiscal year and previous fiscal years. In that case, foreign assets acquired prior to becoming Indian tax resident are required to be reported only if any income was earned from such assets in the current tax year. It is pertinent to note that a ‘non-resident’ is not required to report any foreign income or assets details in his Indian tax return. The details of following foreign assets held anytime during the financial year are required to be reported: • Foreign bank accounts held • Financial interest in any entity held • Immovable property held • Any other capital asset held • Any other account in which individual has signing authority held • Details of trusts, created under the laws of a country outside India, in which individual is a trustee, beneficiary or settlor • Details of any income derived from any source outside India.
History of this topic
‘Super rich’ incomes’ share ebbing amid middle-class mobility: CBDT
The Hindu)
Explained: Why are 6,500 super-rich expected to leave India in 2023?
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Rich people will not flee if tax rates go up by a small measure: Revenue secy
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Income Tax Filers Exceed 2.3 Lakh, with High Majority Being Businesspersons and Professionals
Hindustan Times
