I t return
Kishor
(Querist) 26 June 2017
This query is : Resolved
Mr. A is India born individual, and now a citizen of USA.
Should he file his I.T. Return in respect of his income in India ?
M V Gupta
(Expert) 03 July 2017
Yes. If the income earned in India is more than the exemption limit, he has to file IT return for every FY in which the income earned is more than the exemption limit..
Kishor
(Querist) 03 July 2017
Dear Gupta Saheb, Income earned on funds remitted from US ? Or Income earned on funds already held in India before leaving for US in 1998 ?
R.K Nanda
(Expert) 04 July 2017
consult tax lawyer for it.
Rajendra K Goyal
(Expert) 04 July 2017
Discuss in detail with your taxation consultant.
M V Gupta
(Expert) 04 July 2017
I have some personal experience on the issues raised by you. If the amounts remitted from abroad are held in NRE or FCNR accounts neither the amounts credited to these accounts nor the interest accrued on sums either in these accounts or the FDs created are totally exempt from IT and hence need not be taken into account. However if these remittances from abroad are credited to the NRO account of the person then the interest accrued on them along with income earned on all other amounts earned in the country such as rents on the property, interest on FDs invested with the banks in India, any income earned from any business in which the person is interested are all to be taken into account for the purpose.
Kishor
(Querist) 04 July 2017
Quite convincing detailed reply. Thanks Dear Gupta Saheb.
