Home Forums Post your Tax Queries NRI INCOME

This topic contains 1 reply, has 2 voices, and was last updated by  zaman687 1 year, 8 months ago.

  • Author
  • #6905


    Is it compulsory for NRI to show his overseas income in ITR or it is sufficient to declare Indian income and tax paid/due in ITR?

  • #7323


    I am a NRI based in Dubai, in 2014 I purchase a land (home built on it) under my wife’s name (she is also NRI) for an amount Rs. 60 lacs on the paper. We withdrew cash to the tune of Rs. 58 lacs from 2 different banks and transferred 14.5 lacs from my NRI A/C of one bank to NRI A/C of other bank. Recently I got a letter from IT Department to clarify the following :

    EXC -001 (Cash transaction exceeding 10 lacs)
    TDS -195 (TDS return – payment to non resident)

    Can you please advise on what should I choose from below option on the compliance module pertaining to EXC-001

    i. Self-Investment/ expenditure is out of exempt income
    ii. Self-Investment/ expenditure is out of accumulated savings
    iii. Self-Investment/ expenditure is out of gifts/ loans from others
    iv. Self-Investment/ expenditure is out of foreign income
    v. Self-Income from transaction is exempt
    vi. Self-Income from transaction is below taxable limit
    vii. Self-Income from transaction relate to different AY
    viii. Self-Not Known
    ix. Other PAN
    x. Not Known
    xi. I need more information:

    Your kind response will be appreciated

You must be logged in to reply to this topic.