Nri tax implication
This query is : Resolved
CA Vikalp Agrawal
(Querist)
10 May 2014
Please help…..if NRI works in Singapour (Foreign Country) earning income from salary and he transfer money from singapour to his Indian bank account and from out of such money he purchases Capital Assets (Land) in India, my query is…what is the Income tax implication arises in India and Singapour also?
Rupesh Jain
(Expert)
10 May 2014
R/SIR
IF HE IS NRI THEN NO INCOME ON SALARY EARNED IN SINGAPUR .
IF HE IS NRI THEN NO INCOME ON SALARY EARNED IN SINGAPUR .
10 May 2014
on transfering of money is not an income as per def on income u/s 2(24) and also he is non resident then as per sec 6 foriegn income of nri is not taxable in india.
CA Vikalp Agrawal
(Querist)
12 May 2014
Thanx a lot to everyone.....one more question, is it necessary to take prior permission from Reserve Bank of India to purchase Agriculture Land in India out of money transferred from Singapour to his india bank account?, if yes, then what is the maximum limit of transaction upto which prior permission is not required?
15 May 2014
the ans is yes prior permission reqiuired and for that u can refer fema act.
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