Non-disclosure of foreign property in ITR invites Rs 10L penalty per year

Quick Summary:

Rental income from a foreign property is taxed under the head "Income from House Property".

However, if the sender is a resident Indian, the source of funds could be questioned in India,” says Vivek Jalan, partner, Tax Connect Advisory Services.

Gains from the sale of foreign property by an Indian tax resident are taxable in India.

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Category: BusinessFinance

Markets: IndiaUnited Arab Emirates

Topics: Your money Foreign Exchange Management Act Finance sector Personal finance

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-11 @ 20:34:31 (2 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 666 words

Reading Time: 4 minutes read

Sentences: 25 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23518095

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