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

Business Standard LogoBusiness Standard1w ago

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

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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Article Details

Category: BusinessFinance

Markets:

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Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-11 @ 20:34:31 (1 weeks 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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Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 212 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 2 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Worldwide

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Website Security: Secure (HTTPS)

Publisher ID: #49

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