Question

Tax on Indian equities

Forum|Forum|1 year ago
January 20, 2025
1 reply
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Hi,

I am working in US and I have bank interest and capital gain from equities from India for 2024. When I file tax in USA I need to show income and pay taxes in USA before April 15.

Now if I file tax in India for 2024 which is 1st April 2024 to 31st March 2025, I need to show income from equities and interest and pay tax again. Is there a way to I can show tax paid in US and get tax credit in India otherwise I need to pay double tax.

Thanks

Ajay

M

MAK70

You would have to check the Indian tax laws. If you qualify, you would be able to get the credit for foreign income taxes paid on your U.S. tax return.

You would have to amend your return or file for an extension so you can determine the amount of tax you will pay in India because of the overlapping due dates.