a resident of india( foreign national- uk) has an amount of 6 crore received from sale of shares and house property in uk. he wants to invest that amount in india . whether that amount is taxable if he brings to india. if that amount is taxed in uk whether thgat amount is chargeable to tax in india?
what are the provisions as per double taxzation agreement between india and uk and also as per income tax act?
what if he is resident and ordinary resident?
Srinath,
In the above case, if he pay tax in uk then his income will not be taxable in india. And regarding the double taxation if he can check whether the income received by him in uk is taxable in india, uk, or tax free under DTAA b/w India & uk.
IF he is RORI then he is liable to pay tax in India.
and if RNORI then he is not liable to pay tax in india since the receipts of sales of share and HP is received by him in UK. He is just bringing the receipts to india. But at the same time u shud check Wealth tax provision also.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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