House Property Income

This query is : Resolved

P-A-W-A-N (Querist)
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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

Sreedhar Atchutuni ACA,GradCWA

Sreedhar Atchutuni ACA,GradCWA (Expert)
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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.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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25 November 2009 agree

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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).

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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).