I’m living abroad for past few years and I’m still using the trading account as Indian resident. Is there any repercussions for this ? As i have not sold any shares so there is no LTCG tax payable. Please help
If your residential status has changed, it’s best to inform your broker of the same, get it updated and trade under the status of a non-resident.
Any repercussions - It’s similar to asking a question like, ‘What if I’m earning and not paying taxes, will the Government catch hold of me and penalize me for it?’. More than being concerned about the repercussions of not doing something correct, it’s best to do things the right way.
And lets us please know how broker react and what he did with your account there honestly if there were any doings at all. Do you have something like that happened here. Don’t you really see that. I do not agree with that matter. Be carefull about your account with him.
Thank You for your response
He already mentioned,
As i have not sold any shares so there is no LTCG tax payable.
I didn’t expect a sarcastic comment about repercussions from you.