Professoinal Incime
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 November 2009
Dear Sir/ Madame,
Mr.X is a chartered accountant
Income recieved from his client as land which is located in foreign country where the client is insolvent, The Land which has been given to his agent is his ancestrol property.The client says that the chatered accountant has to sell his land and asking him to take remuneration and returning back the remaining amount.
kindy suggest whether the income is taxable under the head Profession or Capital gain. kindly revert under which clause it relates.
Whether DTAA is applicable for the Client.
Mr.X is a chartered accountant
Income recieved from his client as land which is located in foreign country where the client is insolvent, The Land which has been given to his agent is his ancestrol property.The client says that the chatered accountant has to sell his land and asking him to take remuneration and returning back the remaining amount.
kindy suggest whether the income is taxable under the head Profession or Capital gain. kindly revert under which clause it relates.
Whether DTAA is applicable for the Client.
chetan soni
(Expert)
06 November 2009
To make any receipt as capital receipt it has to fulfill following conditions:
- Asset should be in the name of the assessee
- It should be in the nature of capital receipt
If the asset if transferred in the name of CA then it will be capital receipt to the CA & if CA is acting as agent for the client then the receipt will be his professional income.
- Asset should be in the name of the assessee
- It should be in the nature of capital receipt
If the asset if transferred in the name of CA then it will be capital receipt to the CA & if CA is acting as agent for the client then the receipt will be his professional income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
