If a person X Non resident for the Last 8-9 Years(including AY2008-09), he sold house in abroad in month of Apr'08 and come back to India and settled over here.
whether that sale of asset will attract Capital Gain?
how?
Thanks in advance
3 Replies
Mahesh Paryani
(Chartered Accountant)
(365 Points)
Replied 10 June 2008
According to me it would not be taxable as he is not a resident in India the income is due and accrued outside india and it is also recived outside india so it is ot taxible
Mahesh Paryani
(Chartered Accountant)
(365 Points)
Replied 10 June 2008
According to me it would not be taxable as he is not a resident in India the income is due and accrued outside india and it is also recived outside india so it is ot taxible
manit kaur
(ca student)
(31 Points)
Replied 10 June 2008
Accordingto me his residential status for financial year 2008-09 will be R+NOR if he will stay in india during the financial year 2008-09 for at least 182 days.
For R+NOR only Indian Incomes are taxable
Capital Gain- IT accrues outside india as the property is situated outside india and also assuming money is received abroad it is a foreign income and hence not taxable
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