Hi, As per the new tax regime which kicks from today i.e. 1st April, 2020, an NRI who has IRs.15 Lakhs or more as income from 'Indian sources' can't spend more than 120 days in India to retain NRI status. My question is what the term 'Income from Indian sources mean'? Does it mean only professional/business income due to business connection in India or income from House property, interest, Capital gains also included in it? Would be obliged if you could give your opinion.
Yes sir income from Indian sources means incomes earned or deemed to accrue in India.
Like house property income, capital gain income, interest income. Any source of income which accrues or arise in India.
The 120 days limit has been in second clause and not first clause.
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Thank you
It include income from the
- Business / Profession
- house property
- capital gain
- interest
- other source of income which is
Directly accrue or arising in India
1. Second basic condition for individual residential status has been amended i.e. limit of 60 days is extended to 120 days. Applicable to citizens of India or POI origin having total income other than foreign income exceeding Rs.15 lacs.
2. Income from Indian sources means all income accrues or arises in India including income from business/profession connection in India.
Dear Sir,
Hope you are doing well !!
Income from Indian sources means all income accrues or arise in India.
It includes the following:
Hello,
Yes, the provision is only applicable to Income from India Sources. That is income that accrues or arises in India. It would include Business/Professional income from a business connection in India, House Property Income, Capital Gains, etc.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Indian sourced income means all income earned/ accrued or deemed to accrue or arise in India. All the income earned in India whether house property, capital gains, interest etc are to be considered for determining taxable income and tax liability.
Hi
Income from house property, interest, capital gains shall be included. Moreover any professional fees or salary received out of an Indian company shall also be taxable.
The provisions are contained in section 9 of the income tax act which is very detailed.
It depends on case to case basis how income is taxable in India.
Please share your sources of income.
We may discuss the issues further.
