yogananda1893
6/2/2011 18:28 EST
Like to know if any one has more comments on Indian tax liability of foreign pension (unearned) income
Post a Reply
 0 0 abuse
|
|
CGopalan
6/9/2011 21:59 EST
We are living in India on social security plus a couple different retirement payments from the U.S. There is no Indian tax liability.
Post a Reply
 0 0 abuse
|
|
|
|
EllenNewYork
From: United States
6/10/2011 14:10 EST
I was planning to take my elderly mother to live in Pondy. However, many people, including one Indian born doctor have warned me not to. The doctor told me that in an emergency situation there would be little to no care for her. The others, not medical personnel have told me there is a much lower standard of hygiene and the chance of serious gastrointestinal infections is great.
I'd like to hear some feedback from you. Please tell me where you live and how you like it.
Thanks,
Ellen
Post a Reply
00abuse
|
|
guruvar
6/10/2011 15:15 EST
Is there any impact of the DTC on retirement income of foreign retirees? Double Taxation Prevention treaty overrides any other acts etc.
Kindly provide citation.
Thanks
Narender
Post a Reply
00abuse
|
|
guruvar
6/10/2011 15:31 EST
I just looked at India Canada Double taxation Treaty:
there is an except that might help:
ARTICLE 18
Pensions
1. Pensions arising in a Contracting State shall be taxable only in that State.
2. Pensions shall be deemed to arise in a Contracting State when the payer is that State itself, a political subdivision, a local authority or a resident of that State.
Post a Reply
00abuse
|
|
guruvar
6/10/2011 21:47 EST
It all depends. Lots of older people survive, nay thrive, in India. It is all a matter of perspective. I assume there would be a dependable live-in caretaker (pref a close relative), and if you have the wherewithal you can also get a good staff, treat them right and they will treat you right. There is a caveat here, the staff has to be vetted by you, references checked, police check etc etc. My family has retainers with them for 30 years or more. They get inherited by the heirs!
I cannot vouch for Puducheri, but most urban areas do have decent health care centers. Again it is a matter of affordability. On the whole, I would give it great thought, talk it over with family in Puducheri (you got some there? You are not dumping your mother at the mercy of total strangers?). But one the whole you and your mother have to decide as to how your gut feelings are and how the whole thing is perceived by you.
Most old people want to be back in their original milieu.
My 2 cents.
Post a Reply
00abuse
|
|
|
|
EllenNewYork
From: United States
6/10/2011 23:51 EST
No, I wouldn't be dumping my mother on strangers. My mother and I will be moving somewhere together. I had a friend (American) who took his two elderly parents to Pudichery for their last years and he gave me the idea to do the same. We do not have an Indian background and have never been to India. I do have a few online friends, Indian and American, who live in India. I would like to hire some nice women to care for my mother and help out around the house so I can decompress after years of being a full time caregiver. I've chosen Pondy because of my friend's experience and because I believe it'll be easier to adapt to with it's French culture and some French food. My mother is anxious to travel away from home, but I am thinking it may be a big shock to her system.
Post a Reply
00abuse
|
|
guruvar
6/11/2011 06:29 EST
I can only suggest, then, that you should go for a visit first before committing to the idea. Check it out without making any irrevocable decisions.
I have never been to Puducheri but it seems to be all you say.
Post a Reply
00abuse
|
|
|
|
guruvar
6/11/2011 19:49 EST
You Are Very Welcome, any body wants to add their 2 cents, and I don't mean thanks! Any elaboration or more information please.
Post a Reply
00abuse
|
|
guruvar
7/5/2011 16:19 EST
excerpt from seventh schedule of Direct Tax Code bill
Persons, entity or funds NOT liable to income-tax
32. Any fund set up, on or after, the 1st day of August, 1996, by an insurer under a pension scheme,—
(a) to which contribution is made by any person for the purpose of receiving pension from such fund; and
(b) which is approved by the Controller of Insurance or the Insurance Regulatory and Development Authority.
Can anyone elaborate on this, does the pension (actually annuity by another name) can be purchased by an NRI and would it be exempt?
Post a Reply
00abuse
|
|
guruvar
7/22/2011 16:43 EST
It seems that DTC is NOT yet passed, it is supposed to be passed so that it can come into force on April fools day in 2012. (Quite apt!)
I have a query. Will the cumulative number of days, e.g 365 in 4 yrs, 730 in 7 years apply retroactively ie. 2007 and 2003 respectively.
Anyone who can clarify this would earn my gratitude.
Thanks in advance,
Post a Reply
00abuse
|
|
|
|
guruvar
9/28/2011 18:35 EST
Not quite true, if you are resident nine years out of ten, you are to be taxed on your global income.
Post a Reply
00abuse
|
|
yogananda1893
9/29/2011 10:10 EST
Once one is deemed as "resident" for tax purposes, then the worlwide income is subject to Indian tax.
As usual the new code does not distinguish between type of income.
The only way out is, as per todays code, RNOR status will exempt worldwide income for two years. But, in new code they are abolishing even the RNOR status.
To make matter even worse, the new code is proposing to call a any individual "resident" for tax purposes, if he stays in India more than 60 days. This new rule is proposed to rope in the Dubail NRIs into tax net.
The only hope is that BJP big shot (Y P Sinha) may delete some of these from new code before it comes for vote in spring of 2012.
Many foreign nationals may continue to live incognito--but that does not change the law.
Post a Reply
00abuse
|
|
Mahendra
10/27/2011 16:02 EST
I tried to retire in India, but it did not work for many reasons:
DIRTY: No matter how clean your appartment/house is, once you are on the street, it is a mess.
Hot/Humid: The temperatures and humidity are unbearable
People Cheat: Everyone wants to Laga Chuna. No straight answer. Go to a sarkai office- if you are well dreaaed, you are a mota aasami and they start planning to screw for big money. If you look poor- line main lago ji.
India may overcome the POOR nation level in another 20 years- but to become a compassionate and civilised society- it will be another 100 years.
SAME IN CHINA
Post a Reply
00abuse
|
|
Mahendra
10/27/2011 16:02 EST
I tried to retire in India, but it did not work for many reasons:
DIRTY: No matter how clean your appartment/house is, once you are on the street, it is a mess.
Hot/Humid: The temperatures and humidity are unbearable
People Cheat: Everyone wants to Laga Chuna. No straight answer. Go to a sarkai office- if you are well dreaaed, you are a mota aasami and they start planning to screw for big money. If you look poor- line main lago ji.
India may overcome the POOR nation level in another 20 years- but to become a compassionate and civilised society- it will be another 100 years.
SAME IN CHINA
Post a Reply
00abuse
|
|
|
|
