hai
Proceeds of zero tax bonds invested in usa by a non resident few years back and brought into india in fy 2017-18(NOW RESIDENT).What is the tax treatment in india now?
10 Replies
Gauthami
(Student CA Final )
(431 Points)
Replied 18 August 2018
That income will not be taxed in India as it is neither earned in India nor received in india.if such amount invested in India and earned any income then such income will be taxed
siva andhavarapu
(ca final)
(388 Points)
Replied 18 August 2018
tq madam
if a person receives any income globally , it is taxable in india if he is a resident know.In fy 2017-18 the person is resident of india
Gauthami
(Student CA Final )
(431 Points)
Replied 18 August 2018
yes it would be taxable. if income earned in another country by a resident person DTAA agreement any with that country should also be taken into account for tax calculation purpose
siva andhavarapu
(ca final)
(388 Points)
Replied 18 August 2018
tq madam
then tax to be paid or not on that zero tax bonds? while investing he was an nri and while receiving the proceeds he was a resident.
Gauthami
(Student CA Final )
(431 Points)
Replied 18 August 2018
his residential status at the time of earning or receipt of income is criteria. so in my view tax should be levied
siva andhavarapu
(ca final)
(388 Points)
Replied 18 August 2018
but investment should done as resident know.when he invested, he was nri and the amount which he investment was already undergone tax in usa.
Gauthami
(Student CA Final )
(431 Points)
Replied 18 August 2018
if already income was taxed then DTAA provisions shall apply
siva andhavarapu
(ca final)
(388 Points)
Replied 18 August 2018
YEAH.I UNDERSTOOD.BUT MY QUERY IS IS DIFFERENT.I AM NOT ASKING ABOUNT HIS SOURCE.I AM ASKING ONLY REGARDING HIS PROCEEDINGS FROM THAT USATAX SAVING BONDS.(INVESTMENTS ARE FROM NRI SOURCES AND PROCEEDS CAME TO HIS ACCOUNT WHEN HE WAS RESIDENT
Gauthami
(Student CA Final )
(431 Points)
Replied 18 August 2018
is he resident only for one year or he is subsequently resident for all years???
siva andhavarapu
(ca final)
(388 Points)
Replied 18 August 2018
YES.HE IS RESIDENT FROM FY 15-16 AND CONTINUES TO BE RESIDENT FURTHER
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