Mr A, having a status of resident but not ordinarily resident, is a trader of cricketing goods.He has a machinery in Dubai, sold it worth 50 Lacs in Dubai(sitting in India).Is this income taxable as per Income Tax Act,1961..??
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Scope of income on resident but not ordinarily resident.
Replies (2)
For A, the income from sale of machinery is taxable under the income tax act,1961 even though he has sold the same by sitting from India ........
For him it would amount to capital gains or losses as the machinery is a capital asset for him ......
Ok.....
@ Harshal.thnx buddy..but wat if Mr. A hs done d deal by sitting in Dubai..Then would it be taxable in India as per Income Tax Act,1961..??
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