DOUBLE TAXATION

Hi Anand,well it's a question of "RESIDENTIAL STATUS"

However the trust is located & controlled outside India and if i am interpreting this right then

" INCOME EARNED AND RECEIVED OUTSIDE INDIA AND REMITTED TO INDIA " such income is not taxable in India "

Though Section 115BB of the Act. is there which directly attracts flat rate of 30% on winning from lotteries, cross word puzzles, horse race, gambling, betting etc... i believe that your income might not be taxable in India...

Please correct me colleagues if i am wrong...!

the residential status is Indian

Originally posted by :anand
"	the residential status is Indian	"

 

If Income Rec. & accrued outside india and latter it remitted to India is not taxable to anyone.

THE INCOME IS MERELY REMITTED TO INDIA...........NOT RECIEVED OR DEEMED TO RECIEVED IN INDIA HENCE NOT TAXABLE IN INDIA./..................

resident s are taxed with global income..........you will be taxable in india also but after considering double taxation agreement between usa and india you will be releived.but firstly uwill be taxed twice
 

I have gone through the double taxation treaty between INDIA and USA and there is nothing specifically mentioned about prize winners or lottery or anything that might be closely related to this case. Though there is something mentioned about atheletes and entertainers but that cannot be applied here. So, as there is nothing mentioned in the DOUBLE TAXATION TREATY, how will it be treated in INDIA.