Capital Gains Tax-NRI-Australian Passport holder
Hi,
I am Saurav a NRI (Australian passport holder) and I would like to know my income tax obligation in the below scenario-
I am a digital currency(Bitcoin) trader in Australia.
1) Buy the digital currency (Bitcoin) in Australia.
2) Send the digital currency to my Bitcoin wallet in India.
3) I sell the digital currency (Bitcoin) from my Bitcoin wallet in an Indian Bitcoin exchange like Zebpay or Unocoin. There is a captital gain made (6-8 percent ) after the sale of the Bitcoin in the Indian exchange like Zebpay.
4) I withdraw the principal and captial gains from my Bitcoin sale from my Bitcoin Indian wallet to my NRO account
5) Transfer funds from NRO to NRE account and repratriate the funds from my NRE account to my own Australian Bank account.
6) Repeat the steps 1) to 5) over and over.
Question:
1) Should i need to pay tax on the captital gain In India that i made by buying the Bitcoin In Australia and selling the same in an Indian exchange?
My understanding is that i would be paying the tax on the capital gain made in Australia anyway and therefore need not pay the tax on the capital gain
in India (as it would be like paying tax 2 times!!!). Therefore my understanding is that I should be able to transfer the money from my NRO to NRE account and repratriate the complete principal+interest to my Australian Ban account.
I pay the income tax on the capital gain (6-8 %) that I made in Australia itself.
Please advise.
Thank you.