Taxability of foreign asset

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2016 A person of USA, is in employment in India sold one of his property which was in SriLanka to an Indian and received the consideration in India.
Say about the taxability of the same.

Amol S Joglekar

Amol S Joglekar (Expert)
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17 August 2016 Taxability is the function of RESIDENTIAL status of the assessee.
If the person is resident and ordinarily resident, then the said capital gain is taxable in India, subject to however, the double taxation relief, if any

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2016 Thanks for early reply
And please tell me what if, he is Resident but not ordinarily Resident?

Amol S Joglekar

Amol S Joglekar (Expert)
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17 August 2016 No, if the foreign citizen (USA...in your case) happens to be RBNOR...then the said gain is NOT taxable in india

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