Amar, a resident but not ordinarily resident in India, earned the following incomes during the previous year 2022-23: (i) Capital gain of ₹5,00,000 on sale of a building located in Agra but received in Australia. (ii) In
CS Executive · Tax Laws · PYQS · December 2023
Amar, a resident but not ordinarily resident in India, earned the following incomes during the previous year 2022-23: (i) Capital gain of ₹5,00,000 on sale of a building located in Agra but received in Australia. (ii) Interest of ₹4,00,000 from Canada Development Bonds, 25% of which is received in India. The amount of income chargeable to tax in India for the Assessment year 2023-24 is:
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B). Official source note: Amar, a resident but not ordinarily resident in India, earned the following incomes during the previous year 2022-23 : (i) Capital gain of 5,00,000 on sale of a building located in Agra but received in Australia. (ii) Interest of 4,00,000 from Canada Development Bonds, 25% of which is received in India. The amount of income chargeable to tax in India for the Assessment year 2023- 24 is : (A) 9,00,000 (B) 6,00,000 (C) 5,00,000 (D) 4,00,000
Topics: Income Tax Act, 1961
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