NRI_Capital Gains
This query is : Resolved
16 July 2010
one of my client was NRI, at the time when he was resident in india(before leaving usa)he purchased shares in indian company (private ltd). Later after 10 years when he was an NRI sold the indian shares and he got capital gains of Rs.50 lacs and he wanted to purchase the house property with this money.
whether he will get exemption under section 54F if not weather sec-115F will applicable to him. please clarify this issue?
whether he will get exemption under section 54F if not weather sec-115F will applicable to him. please clarify this issue?
20 July 2010
The transfer has happened and has capital gain when he was an NRI and Sec 115F would be applicable as the charge is based on the residential status at the time when income is earned or received
21 July 2010
sec-115F specifying transfer of Foreign exchange asset and as per the Income tax Act foreign exchange asset means an asset which is acquired in convertible foreign exchange. But in my case shares were acquired in Indian rupees. Taking that is my position sec-115F will be applicable in this case. Further sec-54F giving exemption to Individuals. Individuals includes whom?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
