hi, Query is regarding whether the shares sold in Foreign countries have any effect on income of the assessee if the same assessee is an indian resident,but the assessee has transfered the same money to india after selling the shares so at a conversion rate........What the taxability feature for the assessee?
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Sales of foriegn shares
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Provision in this regard is very clear:-
In case of Resident and ordinarily resident
- If it is the business of assessee to sale and purchase of share and which is controlled from India, then in that case it will be regarded as Income deemed to accrue or arise in India. Hence, It will be taxable in hand of Resident Indian.
- But if it is not business of assessee and not controlled by India i.e. person purchasing and selling of shares is nonresident then it will not be taxable.
Provision says under section 9:-
In hand of Resident and ordinarily resident,
Income will not be taxable if it accrues or arises outside India and received outside India during the years proceeding the previous year and remitted to India during the previous year.
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