Illustrations related to Residential status and scope of income

Direct Taxation

Q.no 14 (h) Suppose interest received in London of money lent to a resident in india in london, brought to india AND if the payor (resident)used borrowed money in india Will it be not taxable in all 3 case (ROR,NOR,NR)? Or Only taxable in ROR ?

AKHIL KOSHY

CA Final

★ 7K+

10-Jun-20 22:18

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Answers (4)

Taxable for all three ROR,NOR,NR under section-9

KEERTHI PRIYA

CA Inter

★ 695

11-Jun-20 13:59

So what if he used borrowed money out side india for business ? Will it be taxable in the hands of ROR only ?

Thread Starter

AKHIL KOSHY

CA Final

★ 7K+

11-Jun-20 14:15

Thread Starter

AKHIL KOSHY

So what if he used borrowed money out side india for business ? Will it be taxable in the hands of ROR only ?

Yes, Taxable for ROR, if business is controlled from India then both ROR and NOR -Taxable.

KEERTHI PRIYA

CA Inter

★ 695

11-Jun-20 14:47

Thank you so much.

Thread Starter

AKHIL KOSHY

CA Final

★ 7K+

11-Jun-20 21:08