07 October 2014
Ques- Samrat a magician living in NEW DELHI (Resident and ordinary resident in INDIA) went Spain to show his magics .. He just asking for a 10 euro note among public and one of the man came and gave him the 10 euro note .. What he did ! he converted it into 1000 euros (100x 10) He returned 10 euro to the person and remaining 990 euros immediately brought into India... -will the amount be taxable in India ..if Yes ...Give reasons therof .. !!
08 October 2014
its simple, unless you are able to establish that the Euro 990 is something that he already had before, since magic is all about impressions and illusions and not about actually creating new things out of thin air, any addition to your income, unless specifically exempt, shall be taxable in India.
CAclubindia
