Let say
Mr A who is resident for A.Y2021-22
1. Receive $2000 as interest on fixed deposit in new york federal bank.
2. Has computed income of ₹432000
from income from house property.
3.receive arrears of rent in p.y of ₹90000
4.sale 6.5% gold bonds,1977 for ₹80000,cost of which is 52000.assume holding period of 23 months.
compute total income of Mr A for A.Y2021-22
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A.Y 2021-22
Replies (9)
Quick Summary
Around 5,46,000 rupees will be total income.
Interest income will not be taxable in India as the income is not accrued in India
Interest income will not be taxable in India as the income is not accrued in India
1) 6.5% gold bonds,1977 are excluded from the definition of capital assets. So I don't think it can be taxed under capital gains. Not sure if such income is taxable under any other head.
2) I think even foreign income (interest in this case) would be taxable in the hands of residents.
3) Arrears of rent is taxable subject to deduction of 30%
Correct me if anything is wrong.
All reason given by CMA poornima madhava are correct but I didn't get my answer .
golds bonds are under sec 2(14) are excluded as capital asset then such income is subject to tax or not
golds bonds are under sec 2(14) are excluded as capital asset then such income is subject to tax or not
your taxable income would be
Foreign interest income ($2000 x INR 50 Assumed) 1.0 lac
house property income (4.32+.90 lacs) -30% 3.654 lac
capital gain bond exempt
Total income taxable 4.654 lac
Total income₹ 5.95lacs
income from house property =₹4.32lacs+₹63k=₹4.95lacs
income from other sources=₹1acs(assuming rate of exchange @ ₹50)
bond income exempt
income from house property =₹4.32lacs+₹63k=₹4.95lacs
income from other sources=₹1acs(assuming rate of exchange @ ₹50)
bond income exempt
| Originally posted by : shrawan choudhary | ||
 |
Total income₹ 5.95lacsincome from house property =₹4.32lacs+₹63k=₹4.95lacsincome from other sources=₹1acs(assuming rate of exchange @ ₹50)bond income exempt |  |
Correct, I considered 30% deduction u/s 24 as it was not cleared in question. otherwise calculation is ok.
Considered,sir
| Originally posted by : shrawan choudhary | ||
|
Considered,sir | |
Than taxable income will be 5.95 lac as per your calculations
Ok sir
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