Apartment purchased using foreign currency
Querist : Anonymous
A son working in Qatar remitted foreign currency to his mother in India in 2001.
Mother held the money initially in foreign currency. In 2003 converted to indian rupees & held in fixed deposit and in 2012 purchased a house in her name.
1. Is the remittance made in 2001 taxable as income in mother's hand in FY 2001-02?
2. Any tax payable for converting foreign currency to rupees in 2003?
3. tax deptt. asks mother to show source of funds for house purchased in 2012 in the year 2015. Is the lady supposed to retain such documents for her entire life?
Many thanks.
2 No tax payable on conversion but keeping the remittance in foreign currency is not allowed.
3 Not required for entire life but 8 to 10 years details to be kept. You can show the bank balance details in 2012 before date of purchase.
Querist : Anonymous
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