Nri tax implication

CA Vikalp Agrawal (Querist) 10 May 2014 This query is : Resolved
Please help…..if NRI works in Singapour (Foreign Country) earning income from salary and he transfer money from singapour to his Indian bank account and from out of such money he purchases Capital Assets (Land) in India, my query is…what is the Income tax implication arises in India and Singapour also?

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Anirudh (Expert) 10 May 2014
As he is earning his income in Singapore, obviously he will be liable to tax in Singapore.

No implications when he brings (sends) his income into India - so long as he is an NRI and is not a resident.

However, as and when he disposes of the land then the tax implication will trigger.

Sankaranarayanan (Expert) 10 May 2014
Here the NRI must have Saving bank account under NRI Scheme ( NRI ACCOUNT)

Anirudh (Expert) 10 May 2014
Dear Mr. Sankar,
Pl. clarify what will happen in case he has NRI Account? Will it attract tax?

Rajendra K Goyal (Expert) 10 May 2014
If an Individual’s income is chargeable to tax in more than one country, the
individual may claim benefit of Double Taxation Avoidance Agreement (if any) as
explained under chapter 5(b) “Double Taxation Avoidance Agreement”.

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