23 July 2008
A Person not in India for last two years but occasionally came to India but not more than 60 days per year brings the money from foreign and bought house hold property in his wife name (she is in India only)and self occupied.
Whether the person is liable to file his IT return? (Suppose he has filed his last return in A.Y (2004-05)or A.Y (2005-06))
And whether he has to pay any tax for the money brought from Foreign?
I think when the sale of property happend he is liable to tax for the difference between the amount initially invested and the sales consideration and also when the porperty is let out he is liable for the rent collected even though it is collected by his wife. Is it Correct?
24 July 2008
If his Income is taxable in India in the Current Financial Year then he is required to file IT Return in India. and He need not pay tax on the money brought to india from Outside India. and
Yes, you are correct in saying that he is liable to tax for the difference ..................collected by his wife.
CAclubindia
