India will get its third set of information on Swiss bank accounts of Indians this month. This information will be available under the automatic exchange of information agreement with Switzerland. Also, for the first time India will also have information about real estate properties of Indians there.
Officials on Sunday said it is a milestone in the Indian government’s war against black money of Indians abroad. This month, the central government will receive detailed information about flats, apartments and co-owned properties in Switzerland of Indian citizens. Also, the report will state the income from these properties. This will also help in deciding the tax payment on Indians.
He said that this is the third time that India will get information from Switzerland about the Swiss bank accounts and other financial assets of Indians. Also, this is the first time that the details of real estate properties will be given in this information.
The Swiss government has agreed to provide information on real estate properties. However, they have still excluded contributions of non-profit organizations and other such foundations. This includes investments in digital currency, etc., from the automatic exchange of information agreement. India received the first set of bank account information of Indians in September 2019.
In September 2020, India received the second set of Swiss bank account details of its nationals and entities, along with 85 other countries. Switzerland’s Federal Tax Administration (FTA) exchanged this information on financial accounts within the framework of global standards on AEOI last year.
Hectic lobbying is underway globally to convince Switzerland to start sharing information about digital currency accounts and contributions made to non-profit entities as well.