Liability in case of payment made to non-resident
This query is : Resolved
anil lamboria
(Querist)
07 November 2015
Is there any Liability if a "Resident Pvt Ltd Company" or a "Resident Ltd Company" makes payment for purchase of land from Non resident (Any). Payment is made to non-resident for such purchase in A.Y.2010-11 and lade is recoreded in books in same year.
Amol S Joglekar
(Expert)
07 November 2015
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
refer section 195
refer section 195
anil lamboria
(Querist)
07 November 2015
Have gone through sec 195 and some of extracts of it says : any other sum payable shall be taxable at the rates in force.
As per my understanding : as there was no TDS /other tax liability on purchase of land in A.Y. 2010-11 there should no tax liability in said assessment year of 201-11 U/s 195.
As per my understanding : as there was no TDS /other tax liability on purchase of land in A.Y. 2010-11 there should no tax liability in said assessment year of 201-11 U/s 195.
Amol S Joglekar
(Expert)
07 November 2015
land is located in India, right?
anil lamboria
(Querist)
08 November 2015
Yes Land is located in India.
Amol S Joglekar
(Expert)
10 November 2015
So the capital gain arising from the sale of the said land is also taxable in India. So 195 comes into play. TDS be done.
Message likes :
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anil lamboria
(Querist)
26 November 2015
Ok, thanks for reply.
Amol S Joglekar
(Expert)
29 November 2015
You are most welcome.
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