I am a newly employed Officer in Merchant navy. I am employed on Foreign Ships, in a Foreign company, and spend more than half the year outside India, every year. I still havent applied for a PAN number. Also havent started filing IT returns. Now I already know that I am not liable to pay Income Tax, or file an IT return. Please tell me, if I purachase any property(plot) in India then will I be liable to file IT return, or pay any taxes. The property in question is non rental. Also please clarify, whether any money which I gift to my Father or Mother, is taxable for them? If not then what are the proeedures for gifting this money in writing.
01 March 2011
from the query it appears that you are citizen of India. So, first apply for PAN. Secondly, in any previous year if you are outside Indian Territory for more than 182 days or more you will be treated as NRI and hence your income earned from Foreign company will not be taxed in India. You can purchase plot in India. But its better to file the Income Tax returns.
Thanks for the prompt response to my query, however please clarify further. I have been a NRI for the past 4 years(during my training) and will be so during the coming years. So now is it mandatory for me to obtain a PAN number and file IT returns annualy? Also please respond to the part about "gifting money to my parents" part of my orginal query.
CAclubindia
