06 January 2014
One of my friend's dad is a retiree. He has some property in Nepal and is also a permanent resident of Nepal. He visits India once in a year only for withdrawing his pension. Now he is planning to sell his property in Nepal and remit the amount to India and settle here. What will be the tax provision? Does he even have to pay tax on the remitted amount? Please Clarify.
06 January 2014
The pension is taxable in India and in his return he must have disclosed his property in Nepal. If he sells his property in Nepal being Resident of Nepal then the Neal Tax Rules will be applicable and the money brought from Nepal will not be taxed again in India
CAclubindia
