Hitarth who is resident and not ordinarily resident in India, earns the following income during the previous year ended 31st March, 2022: Interest on U.K. development Bonds (1/4th being received in India): ₹4,00,000, pro
CS Executive · Tax Laws · PYQS · December 2022
Hitarth who is resident and not ordinarily resident in India, earns the following income during the previous year ended 31st March, 2022: Interest on U.K. development Bonds (1/4th being received in India): ₹4,00,000, profits on sale of a building in India but received in Holland: ₹4,00,000. What is the income liable to tax for the assessment year 2022-23?
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A). Official source note: Hitarth who is resident and not ordinarily resident in India, earns the following income during the previous year ended 31st March, 2022 : Interest on U.K. development Bonds (1/4th being received in India) : ₹ 4,00,000 profits on sale of a building in India but received in Holland : ₹ 4,00,000. What is the income liable to tax for the assessment year 2022-23 ? (A) ₹ 5,00,000 (B) ₹ 8,00,000 (C) ₹ 4,00,000 (D) ₹ 1,00,000
Topics: Income Tax Act, 1961
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