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Residence and scope of income

Rent from property in London deposited in a bank in London how to treat this Indian income or foreign income and why

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SAKTHI VIGNESH

SAKTHI VIGNESH

CA Inter

3K+

14-Feb-21 13:25

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Answers (2)

Best Answer

-> Foreign income and taxable for ROR [accrued outside India and received outside India] -> Scope of TI For ROR: S.5(1) o Income accrued or received in and outside India during the PY CRUX: o Accrued/received in India: Taxable for All o Accrued/received outside India: Taxable only for ROR with RNOR Exception* [* i.e. Income accrued or received outside India INCLUDED ONLY WHEN derived from a business controlled in India or profession set up in India] o Receipt of income = on first occasion o [Further remittance of same is not receipt of income] -> for subsequent recipient


Deepak Gupta

Deepak Gupta

CA Inter

1K+

14-Feb-21 15:27

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