Tax Column
I am an individual and a resident of India. I have transferred USD 400,000 under LRS to my foreign bank account in the US. After retaining the money in the bank account for two years, I returned the money back to my Indian bank account. In between there was an appreciation in the exchange rate of dollar vis-à-vis rupee and as a result, I earned a profit of ₹4,000,000. Will this profit be subject to tax?
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