FILING OF INCOME TAX RETURN BY NRI

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..... FILING OF INCOME TAX RETURN BY NRI
Query (Issue) Started By: - Dinesh Kumar Dated:- 6-6-2014 Last Reply Date:- 19-6-2014 Income Tax
Got 1 Reply
Income Tax
My friend is NRI for last 16 yea .....

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..... rs. He never had any income in India. Therefore he has not filed any tax return. In 2004 he booked one flat for40 Lakhs. Construction-linked payments were made from his NRE/NRO a/cs average8 Lakhs for .....

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..... 5 years. Before taking the possession, he sold this booking to a resident buyer for 42 Lakhs in 2009. How this gain of2 Lakhs will be treated ? Long-term Capital Gain OR Short-term Capital Gain OR .....

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..... Income from Other Sources !! No TDS has been deducted by the buyer. Nor he filed any tax return assuming that indexation factor and exchange loss will be adjusted in the cost price which will result .....

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..... in loss in the transaction. If taxable, can he file return now. What penalties he can face or buyer can face. Kindly advise. Thanks Dinesh Reply By CA GOPALJI AGRAWAL: The Reply: On the basis of .....

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..... facts given, prima-facie, it would be LTCG and no tax liability seems to arise.
Discussion Forum - Knowledge Sharing .....

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