Tax implecations while repatriating money from India to Australia

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(Newbie)Newbie

11 July 2022

Hi,

I am an Australian Citizen and recently I have sold a property in India for which I have paid the applicable TDS to Indian Govt.

I have the money in my Indian account and I want to transfer it to my Australian bank account as I want to use that money to pay a portion on my mortgage here in Australia.

I want to know after the transfer of money to my Australian account do I need to pay tax in Australia? Since India and Australia have double tax treaty and I have already paid tax in India, am I still liable to pay tax in Australia?

Do I need to speak with a specialist Tax agent here to address my query?

Thanks

Rahul

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Bruce4Tax

(Taxicorn)Taxicorn

12 July 2022

No tax on the transfer, but selling the property = CGT event that needs to be declared in AUS.

You should go to a tax agent to make sure that it is done properly.

I have already paid tax in India,

So you can claim a foreign tax credit on AUS tax return.

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Most helpful reply

Bruce4Tax

(Taxicorn)Taxicorn

12 July 2022

No tax on the transfer, but selling the property = CGT event that needs to be declared in AUS.

You should go to a tax agent to make sure that it is done properly.

I have already paid tax in India,

So you can claim a foreign tax credit on AUS tax return.

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Tax implecations while repatriating money from India to Australia

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