06 May 2008
one of my clients an australian natinal has become a resident of india, as per the defenitions of IT act and Fema. now he wants to buy a residential property in india... i) whether RBI permission is required ii)whether he can sel the property after sometime and repatriate funds to australia. iii) since he has become a resident of india, i think he has to pay tax on the income in australia also... if so what is the procedure for computation of total income
17 October 2011
1.If there is surity that Australian has become Resident as per FEMA then he can buy residential property in india subject to local laws of the state concerned. 2.Yes subject to certain limits and payment of Income Tax. 3.Yes, Tax is required to be paid on world wide income of Australian.
CAclubindia
