Can a resident indian earn foreign currency and deposit this in a foreign account?
Answer:
Yes, you can earn a income in foreign currency and deposit this is a foreign account. only condition is that the income should have accured and recieved abroad and all the relevant taxes in the relevant country should be paid.
Let me give you an example, If you go to UK on a working holiday maker visa in the month of Jan 07. From Jan 07 to July 07 you work in UK and then come back to India. Your status will be resident as you were in India in both the fiscal years for a period of more than 182 days. Your income in UK was legal as you were on a Working holiday maker visa and you have paid taxes on that income to British Govt. Now this income earned in UK is legal for you and you can deposit it into any bank account anywhere in the world and you need not pay any taxes on it in
India. Hope it helps
No, I don't think so. No country allows that.
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