Black Money: This will also include details of immovable property owned by Indian citizens abroad for the first time. Switzerland will share data with India for the third time. Earlier he has shared the information in September 2019 and September 2020.
Bad news for black money holders. Switzerland will hand over the information of Indians having accounts in Swiss Bank to India this month. Under Automatic Exchange of Information (AEOI), India will get the third installment of data containing bank account details of Indian citizens. It will also include details of immovable property owned by Indian citizens abroad for the first time. Switzerland will share data with India for the third time. Earlier, he has shared similar information in September 2019 and September 2020.
This is an important step in the fight of the Government of India against black money stashed abroad. India will also get full details of flats, apartments and joint ownership real estate properties of Indians in Switzerland in September. Along with this, information about the income from such properties will also be available. This will help the country to focus on the tax liabilities associated with those assets.
India will get Swiss bank account information for the third time
This will be the third time that India will get details about the bank accounts and other assets of Indians in Switzerland. But, this will be the first time that the information being shared with India will include information on immovable property.
will not get this information
Switzerland has for the first time agreed to share information on immovable property assets owned by Indian citizens. Information such as donations or contributions to non-profit organizations or investments in digital currency is still excluded from the AEOI agreement.
Let us tell you that India got the data for the first time from Switzerland in September 2019. That year, India was among 75 countries receiving such information. After this, in September 2020, India along with 85 other countries received data on Swiss bank accounts of its citizens and entities for the second time.
Experts and those engaged in the business of attracting investments in Switzerland said the move would help dispel misconceptions about all money flowing into Swiss properties being illegal. This will go a long way in establishing the country as a preferred investment destination including investment in fixed assets.
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