‘Foreign funds invested in India can’t be taxed as unexplained income’ - Shahpur Turk CSC - Common Service Centre in Sonipat ‘Foreign funds invested in India can’t be taxed as unexplained income’

Shahpur Turk CSC - Common Service Centre in Sonipat, Haryana, India provides following Services through its Common Service Centre:- Banking, Insurance Motor, Insurance Health, Insurance Life, Insurance cattle, Insurance property, Insurance Fire, Insurance personal accident, PAN Card, Passport Assistance Services, Premium Collection Services of Insurance Companies, Birth Death Certificates, Pension Services, Aadhar, voter card, ration card, IRCTC train / air / bus ticket booking, hotel booking.

27 November 2021

‘Foreign funds invested in India can’t be taxed as unexplained income’

In a recent order, the Income-Tax Appellate Tribunal (ITAT), Mumbai bench, has held that purchase of a flat by a non-resident using his overseas income is an act of investing or application of income. It is distinct from earning an income in India from immovable property and the sum invested cannot be subject to tax in the country.

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27 November 2021

‘Foreign funds invested in India can’t be taxed as unexplained income’

‘Foreign funds invested in India can’t be taxed as unexplained income’

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