Need advice on bringing Mortgage deposit from India

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Shiva_gri
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Need advice on bringing Mortgage deposit from India

Post by Shiva_gri » Wed Apr 12, 2017 3:50 pm

Hi,
I am planning to buy a house in Ireland. I have sold a property in India and planning to bring the amount to Ireland. Will there be any tax to be paid in Ireland for that amount? Will there be any other issues or complications involved. Please advice if you have bought money in huge before from India

09_09_09
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Re: Need advice on bringing Mortgage deposit from India

Post by 09_09_09 » Thu Apr 13, 2017 9:29 am

Shiva_gri wrote:
Wed Apr 12, 2017 3:50 pm
Hi,
I am planning to buy a house in Ireland. I have sold a property in India and planning to bring the amount to Ireland. Will there be any tax to be paid in Ireland for that amount? Will there be any other issues or complications involved. Please advice if you have bought money in huge before from India
Normally, you will be liable for Capital Gains Tax @ 33% in Ireland if you have made taxable gain on selling the asset. However, you need to consider a few things;

Are you liable on normal basis (CGT on worldwide gains) or remittance basis? Please go through Sec. 70 & 71 of Tax Consolidation Act, 1997 especially review the amendments.
You might have to file a return over here.
Do you have to pay tax in India? If yes then you can use paid tax as credit in here under Double Taxation Agreement.
First €1,270 taxable gain is always exempt from CGT.
Do you qualify for Principle Private Residence relief?
Are you planning to buy property in Ireland as a first-time buyer? You already own the property so might not qualify for this.

The points came to my mind and I am sure there will be more to it.

pinkbluerain
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Re: Need advice on bringing Mortgage deposit from India

Post by pinkbluerain » Mon Jul 10, 2017 9:47 am

what if you just bring the money under maintenance cost?

Indish25
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Re: Need advice on bringing Mortgage deposit from India

Post by Indish25 » Mon Jul 10, 2017 12:12 pm

What maintenance cost?

You need to show the source of funds or regular savings or gift.

Get as a gift (non-refundable) towards a purchase of property, If you are bringing the money under the threshold you won't be taxed. here is the threshold : http://www.revenue.ie/en/gains-gifts-an ... -2016.aspx

Hope that helps.

ganapathy.manian
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Re: Need advice on bringing Mortgage deposit from India

Post by ganapathy.manian » Sun Nov 25, 2018 11:17 pm

Hi Shiva
Did you brought money from India & could you suggest how much you paid in Ireland?

Gana

srini_ind
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Re: Need advice on bringing Mortgage deposit from India

Post by srini_ind » Tue Nov 27, 2018 11:31 am

Hi,

Pls share your number, I may be able to help you in different way.


Regards

srini_ind
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Re: Need advice on bringing Mortgage deposit from India

Post by srini_ind » Tue Nov 27, 2018 11:32 am

Shiva_gri wrote:
Wed Apr 12, 2017 3:50 pm
Hi,
I am planning to buy a house in Ireland. I have sold a property in India and planning to bring the amount to Ireland. Will there be any tax to be paid in Ireland for that amount? Will there be any other issues or complications involved. Please advice if you have bought money in huge before from India
Please share your number, I may be able to help u differently.

Thanks

jbalajkpm
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Re: Need advice on bringing Mortgage deposit from India

Post by jbalajkpm » Mon Jun 03, 2019 8:54 am

Hi srini_ind - I'm looking to bring money from India. Could you assist me thanks?

Thanks
Bala

rakesh.arandkar
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Re: Need advice on bringing Mortgage deposit from India

Post by rakesh.arandkar » Fri Jun 07, 2019 7:51 am

Hello guys,

Those who want to bring money from India for buying property in Ireland. Just show the bank as a Token of Gift from parents. Maximum amount a gift can be given from one person is €35,000. If you need more, you can get and show them it's from your brother or sister from back home.
No need to tell or show anyone that you had a property back home.

Hope this helps to the questions raised!

Regards

Rakesh Arandkar

ViRanjan
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Re: Need advice on bringing Mortgage deposit from India

Post by ViRanjan » Sun Jun 09, 2019 8:50 pm

Most of us send money back and if the money brought in is equal to that u can always show it as Ur money u saved in Indian accounts or loan to family.

My tax consultant said my salary savings are exempt from tax.

Regards

Vipul2019
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Re: Need advice on bringing Mortgage deposit from India

Post by Vipul2019 » Mon Jun 10, 2019 8:51 am

I was remitting to my NRE India account from past 5 years, now i am planning to buy property, If i bring money back from my NRE india account to Bank of Ireland, Do i need to pay tax or show as Self Gift.
Regards
V

ViRanjan
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Re: Need advice on bringing Mortgage deposit from India

Post by ViRanjan » Wed Jun 12, 2019 10:14 pm

Logical answer would be no tax as you have paid tax on income. Still if the amount is more than 35 k please reach out to a tax consultant.

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Strongbow
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Re: Need advice on bringing Mortgage deposit from India

Post by Strongbow » Thu Jun 13, 2019 11:18 am

if you are an Irish resident, strictly speaking you are supposed to pay taxes on global income.
So , while your NRE FD interest may not be taxable in India, they are still taxable under Irish law(the interest on the FDs that is)

maverick
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Re: Need advice on bringing Mortgage deposit from India

Post by maverick » Thu Jun 13, 2019 4:54 pm

in as similar situation, can someone recommend a good tax consultant? (Please PM). Appreciate the help

Baghel
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Re: Need advice on bringing Mortgage deposit from India

Post by Baghel » Wed Jul 03, 2019 3:11 pm

Hi All, Can anybody pls share some good tax consultant who can advise in brining money from India. Need it for down payment. Amount which I am planning to bring about 50K Euros, Any help or guidance will be appreciated.

Thanks

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