27 March 2012
Can anyone tell me taxability of House Property Income from newzeland of resident.
Let me elaborate my query: Mr. X an individual having house property income of Rs. 100 from newzeland and resident in india for 3 years , in the respect of house property he incurred a expenses of Rs. 200 this means he have loss from house property as Rs. 100. I want to know that whether (i) Rs. 100 income is taxable or (ii) Rs. nil is taxable or (iii) -Rs. 100 is taxable and he can claim as deduction. Please answer me as soon as possible.
28 March 2012
U/s 5 global income of resident shall be taxable in India. Hence Rs 100 income from foreign property shall also be taxable. However Rs 200 expense shall be allowed only if its an interest/tax expense, refer Sec 23.
As the source of the income is in NZ, the income shall be taxable there also.
However Assessee can take credit for the taxes paid in NZ on such income.
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