If a person is an Australian national, residing in India (OCI) for past 3-4 years. Has a Superannuation Fund in Australia (Equivalent of a PF in India). This Super Fund was created when the person was living & working in Australia. Since the person is now living & working in India there have been no contributions to this fund. Like a PF in India it cannot be withdrawn. (only after retirement age of 70).
The company holding the SuperFund invests it in various options e.g, property etc..The earnings from these investments are added to the Fund amount, after Government (Australian) taxes and management fees are deducted.
- Are the earnings in this fund, taxable in India (resident country)?
- When filing my tax return in India how should I declare this Super Fund, under what section?
Since the fund is like a PF and the earnings made by this fund cannot be withdrawn (only after the retirement age), is it taxable in India. Will it be exempt from tax/ relief from tax, since it is basically a retirement fund.
What Rule # or Article # apply to this scenario.