kunalturakhia@hotmail.com (kunalturakhia@hotmail.com) (55 Points)
07 January 2012hi, 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?
CA Rajendra Kumar Pathak
(Chartered Accountant)
(33 Points)
Replied 07 January 2012
Provision in this regard is very clear:-
In case of Resident and ordinarily resident
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.
CAclubindia
