fema- foreign national but resident in india
This query is : Resolved
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
regards, madhav
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
regards, madhav
CA. Anuj Gupta
(Expert)
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.
Anuj
+91-9810106211
femaquery@gmail.com
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.
Anuj
+91-9810106211
femaquery@gmail.com
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- ARCA LOGIN
- Closer of business and itc of capital goods
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Appointment of Auditor By Form ADT-1
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
