Big win for Indian govt! Switzerland to share details about real estate properties owned by Indians
This will be the third time that India will get details about the bank accounts and other assets of Indians in Switzerland.
Total Views |
New Delhi, September 13: In a major development, India will soon get the third set of Swiss bank account details of Indian nationals, this month. More interestingly, the third set, for the first time, will include data about real estate properties owned by Indians in Switzerland.
It should be noted that Switzerland will share the third set under the automatic info exchange framework. According to the reports, India will get information about the flats, apartments, and condominiums owned by Indians in Switzerland. Along with this, information about the income from such properties will also be available.
It is a major milestone in the Indian government's fight against black money allegedly stashed abroad. This would help the Government to look into tax liabilities associated with such gains.
Also Read | In a move to tighten noose around black money, India receives first tranche of Swiss account details of its residents
The Swiss government has agreed to share details of real estate assets, the information about contributions to non-profit organizations and other such foundations, as also details on investments in digital currencies remain out of bounds from the automatic exchange of information framework, officials said.
The Swiss government has agreed to share details of real estate assets, the information about contributions to non-profit organizations and other such foundations, as also details on investments in digital currencies remain out of bounds from the automatic exchange of information framework, officials said.
This will be the third time that India will get details about the bank accounts and other assets of Indians in Switzerland. Earlier India had received the first set of details from Switzerland in Sept 2019 and the second set of Swiss bank account details in Sept 2020. In each of the last two years, Switzerland has shared details about nearly three million financial accounts with various jurisdictions, while the count is expected to be higher this year.
The information shared by Swiss authorities includes identification, account, and financial information, such as name, address, country of residence, and tax identification number, as well as information concerning the reporting financial institution, account balance, and capital income.
Also Read | Black Money nearing to end? Indian money deposits in Swiss Bank reduced by 80% during 2014-17
The move assumes significance on the part of Switzerland as well as the European Alpine nation is trying hard to reposition itself as a key global financial center while warding off the long-persisting perception about the Swiss banking system being an alleged haven for black money.
.
.
.
.