Ask Questions and get Answers Fast Free Online now

Normal Grid Pagination Scroll

Select a photo to attach.

Please select category!

EveryoneEveryone

Add Photo

Select Category

Mahendra

Category : DTAA..,

Solved

June 2, 2016 12:58 am

Do I need to show the income which is being transferred to my Indian bank account from USA? Already I am paying tax to USA gov and post tax amount I am transferring to India account. Am I suppose to declare those amount in ITR?

Recommended

User

Hide Placeholder
Hide Discussion

User Selected, Admin Typed, Most Liked:

Amlan Dutta

The answer here shall depend on your tax residential status as per the indian income tax act.

If your tax residential status qualifies you to be a Non resident indian i.e NRI , then global income whose first receipts are not in india are not taxable . So say , because of your stay outside , you qual...

June 2, 2016

Like Unlike
1 person

Amlan Dutta

June 2, 2016

LikeLike Unlike

Mahendra

Thank you for your detailed information. Really helpful. Also, I will go through the article 21 to get more info. Thanks again.

June 4, 2016

LikeLike Unlike

Soham Roy Chaudhuri

Category : DTAA..,

Solved

June 1, 2016 10:15 pm

I was in Australia during 8 July 2013 to 12 July 2014 for an assignment of TCS ( Tata Consultancy services).

During the tax return file of assessment year 2015-16, mistakenly I filed using tax return ITR-1 and could not show the income in Australia for April 01 - Jul 12, 2014 (I had no idea that t...

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

I presume that by now you already know how to declare foreign income and claim tax relief and you simply wish to know the procedure to correct what you couldn't declare in original return filed under section 139(1)

Here , the process of correction in original return is termed revision and you will n...

June 2, 2016

LikeLike Unlike

KARMVEER SINGH

Category : Income t..,

Solved

June 1, 2016 1:13 am

I received salary arrears for FY 2013-14,2014-15,2015-16 in FY 2015-16.

I want to know the arrears up to which earlier financial years received in FY 2015 16 can be considered as arrears for FY 2015 16

Also, i want to know whether the amount that is due in FY 2015 16 and received in FY 2015 16 ...

Recommended

User

Hide Placeholder
Hide Discussion

View remaining earlier 1 answers

KARMVEER SINGH

Thanks for ur suggestions...Thanks again, Amlan bhai

June 1, 2016

LikeLike Unlike

Rajendran kanniyakumari

Great sir, good news.

June 1, 2016

LikeLike Unlike

Mahendra

Category : Income t..,

Solved

June 1, 2016 12:05 am

Hi Amlan,I must say, your videos are very functional and the knowledge you have is awesome.I have few question in filling ITR.I am out of India but I have some income following in India as below:

1. Property Rent (I have apartment in India, and I used to get rent of that property every month).

2. ...

Recommended

User

Hide Placeholder
Hide Discussion

User Selected:

Amlan Dutta

Thank you for the wonderful compliments and also thanks for posting the query over this platform for others to benefit from your query as well.

Now , let me answer your queries directly

" How can I show all these (1,2,3) points in ITR form and in which section?

1. Property Rent (I have apartment in In...

Thank you for the wonderful compliments and also thanks for posting the query over this platform for others to benefit from your query as well.<br /><br />Now , let me answer your queries directly<br /><br />" How can I show all these (1,2,3) points in ITR form and in which section?<br /><br />1. Property Rent (I have apartment in India, and I used to get rent of that property every month).<br /><br />Solution : This is income from let out house property ...You can use income schedule House property to show this income <br /><br />In ITR 1 , you only put final figures ...say you get rent for year 110000 <br />Then gross annual value = 110000 ,<br /><br />Net annual value = gross annual value - municipal taxes = 110000 -10000( assued = 100000 Rs <br />Standard deductions 1.) 30% of Net annual value = 30,000 Rs <br /> 2.) Loan interest = Nil (assumed )<br /><br />So income from House property = 1,00,000- 30000 = 70,000 <br />This 70000 rs you are directly required to put in income under house property in ITR 1 <br /><br /><br />See attached picture <br /><br />2. Income earned on Interest (I have lend some amount and I earned interest out of that).<br /><br />Solution : This will come in income from other sources <br />Under income from other sources in ITR 1 to show this figure ( see attached picture )<br /><br />3. Gift amount (I gave some amount (more than 50k) to my brother in law and would like show that amount as gift).<br /><br />Solution : Here , since this is not income , so you don't have to show it<br />The recipient will show it in his /her tax return.

June 1, 2016

Like Unlike
0 people

Most Liked:

Mahendra

Thank you for your kind clarification. Now I understood the concept and I will inform my brother in law to declare in his ITR but not in mine. Thanks again

June 2, 2016

Like Unlike
1 person

View remaining earlier 1 answers

Mahendra

Thank you so much for your clarification.

Regarding Gift Amount: I read somewhere that the donor also has to declare the amount while filling Income tax.

http://incometaxreturnindia.com/income-tax-on-gifts/#.V03dx6hSa6A
(see q.10)

Please clarify.

Play

Income Tax on Gifts is tax free if received from relatives | IncomeTaxReturnIndia.com

Get gifts from Relatives and save complete tax on the gift amount. Gifts can be in form of cash, bullion etc

June 1, 2016

LikeLike Unlike

View all replies

Mahendra

Thank you for your kind clarification. Now I understood the concept and I will inform my brother in law to declare in his ITR but not in mine. Thanks again

June 2, 2016

LikeLike Unlike

All Questions -> All Categories -> Solved Type