Foreign income

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 May 2014 I have received Rs. 100000 from foreign country as advance for a contract.
it has been directly deposited into my local bank account.
money is been deposited from kenya
will it be taxable in hands of me if the contract is cancelled
can i show that money as loans and advances from foreign company

please provide necessary treatment for the same

Sandeep Dharar

Sandeep Dharar (Expert)

17 May 2014 No it will b taxable if the contract has not been cancelled. U cant show it as loans & advances coz, many legal documents will come into scene for the treatment.

Querist : Anonymous

Querist : Anonymous (Querist)

17 May 2014 what if the money is deposited in my NRI ACCOUNT?

Will it be taxable if i transfer money from my bank account of kenya to bank account of India?

Sandeep Dharar

Sandeep Dharar (Expert)

17 May 2014 Till now it will b taxable. Coz u have to give details from where the amount has been received.

Nikhil Kaushik

Nikhil Kaushik (Expert)

18 May 2014 if you transfer from your bank account in Kenya to your own account in India, then it would be seen as a remittance and not considered as taxable income.

ALOK GOEL

ALOK GOEL (Expert)

24 May 2014 1. The foreign amount from kenya bank a/c to India local a/c is not taxable if you are a NRI or Used in contract and not earning earning any gain out of this.Any gain is taxable.
2.If contract is cancelled and same amount or less transfered to your Indian NRI OR NRO a/c will not be taxable CONSIDERING YOU ARE A NRI. If you are not NRI whole amount is taxable.

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