09 July 2016
Hello sir, my uncle was in UK in 1994 for 10 years as NRI and in the last year 1994, he could not take out his salary from bank account approx 50000 pounds. The bank also was overtaken by other bank and account frozen and no interest earned. Now almost after 22 years he wants to exit that bank and Repatriate the funds to his Indian account. So my question is will this money be treated as income and taxed here in India? If possible please give section number or any ruling reference so later he does not get any tax notice.
09 July 2016
Hello Seetharaman sir, the amount converts to almost 50L in India its a large sum, also when he brings in India, under which head it has to be shown in ITR like exempt income?
10 July 2016
Earlier you have given only 1000 pounds. Amount does't matter have documents to prove it is salary income earned not taxable in India. As the income is not earned during the year not to be disclosed under exempt income. It should have been disclosed under schedule FA of ITR Details of foreign assets and income from any source out side India.
CAclubindia
