Tax provisions when rent received through foreighn funds
This query is : Resolved
28 October 2011
Dear Sir/Madam,
One of Client has let out his house property to a foreign citizen and he is agreed to pay the rent through foreign funds is there any special provisions as per Income Tax Act 1961 which attracts the same.
The tenant is not having any bank account in India and he is making all the payments through foreign bank account
One of Client has let out his house property to a foreign citizen and he is agreed to pay the rent through foreign funds is there any special provisions as per Income Tax Act 1961 which attracts the same.
The tenant is not having any bank account in India and he is making all the payments through foreign bank account
28 October 2011
Dear Raghu,
1. Since the property is located in India, the rental income shall be taxable under House Property.
2. Regarding payment through their foreign fund the IT Act is silent: But FEMA regulations shall be checked in this regard.
1. Since the property is located in India, the rental income shall be taxable under House Property.
2. Regarding payment through their foreign fund the IT Act is silent: But FEMA regulations shall be checked in this regard.
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