House Property Income
This query is : Resolved
25 November 2009
Good Morning Exeperts
Please Tell me Taxability of income recieved by individual in india from outside india property, Is any Deduction Is Available
Please Tell me Taxability of income recieved by individual in india from outside india property, Is any Deduction Is Available
25 November 2009
All Income received by resident is taxable in India.So, income from property outside india is taxable in India.
Income from House Property outside India is taxable as House Property Income in India.All deductions under section 24 are available.Further Municipal taxes levied by Foreign authority are also eligible for deduction.
Income from House Property outside India is taxable as House Property Income in India.All deductions under section 24 are available.Further Municipal taxes levied by Foreign authority are also eligible for deduction.
25 November 2009
agree
25 November 2009
In case of a person resident in India, income from property situated outside India is taxable whether such income is brought into India or not.
Citation :- Arunachalam Chettiar Vs. CIT (1945) 13 ITR 183 (Mad).
Citation :- Arunachalam Chettiar Vs. CIT (1945) 13 ITR 183 (Mad).
25 November 2009
In continuation of the above,taxes levied by local authority of a foreign country on the property situated abroad are deductible in deciding the ALV of the property.
Citation:-CIT Vs. Venugopala Reddiar (1965) 58 ITR 439(Mad).
Citation:-CIT Vs. Venugopala Reddiar (1965) 58 ITR 439(Mad).
Lalit aggarwal
(Expert)
02 December 2009
Agree with B.Chackrapani Warrier.......
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