Pgbp

Akarsh Goyal (Student-CA Final) (1357 Points)

26 August 2012

WHAT WILL BE THE TREATMENT OF THE FOLLOWING:-

LOSS FROM A BUSINESS CARRIED IN NEW YORK, THE BUSINESS IS CONTROLLED FROM INDIA BUT PROFITS ARE NOT RECEIVED IN INDIA...
INCOME FROM HOUSE PROPERTY SITUATED IN LONDON [RECEIVED IN LONDON]

NOTE: NO INFO IS GIVEN REGARING THE RESIDENTIAL STATUS.

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CA Rakesh Garg (Asst. MGR Taxation) (510 Points)
Replied 27 August 2012

Taxability depends upon the Residential Status,

If assesse is R& OR, then Loss from Business and Income from HP will be taxable in India.

If Assesse in R NOR then Bus Loss will be Taxable in India and Income HP not be taxable becz recived in London

If Assesse in NR then Bus Loss will be Taxable in India and Income HP not be taxable becz recived in London

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