If a person X (Resident) has rental income in USA of 1000 dollar per month from April 2021 to March 2022. And he remit that income on every last day of the month then for computing such income as per indian income tax act Exchange rate of which date should be taken?
On 31st March or
On exchange rate on day of actual remittance of such income or
On the day of paying taxes on such income or
On day of filing ITR?
For exchange rate and date etc check rule 115.
I believe that rental income arises from immovable property. In that case it would be taxable in USA per India US DTAA Article 6 and not in India.
CAclubindia
