14 January 2010
Actually I am looking information regarding Income tax.
1) Now I am earning NRI Income so which form is applicable for Return file and is it required to apply return income tax file. 2) I am purchasing property from NRI income which I am purchasing for investment so when I will sell that property any taxes are lavy on that or not ? 3) I would like to purchase some property on my wife name from my income is it possible and right thing to do or not ? 4) If we put some money in fix deposit then their earning interest is taxable or not ?
Could you pl help me to get answer on above queries ?
14 January 2010
Under Income tax income can't be NRI or resident. It's your residential status that is to be determined. If you are resident, your universal income is taxable in India. 1) Going by your words, if you are an NRI and you earn & recieve income outside india, it's not taxable in India, so you needn't file Income tax return. 2)If you purchase property from such income, whether on it's sale capital gain is taxable or not will depend on your residential status in the relevant previous year. 4) if u put money in FD it's intt will be taxable in your hands
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