[aaykarbhavan] DECLARATIONS OF FORIEGN ASSETS IN ITR4

Dear friends,

 

Would like to know tax liability in following case:

 

a.    assessee is a person of Indian origin, having british pass port.

b.    "A" is staying here and having business income.

c.     "A" has share in inherited property in London besides some amount in bank in London.

 

Is "A" liable to tax on any interest earned in foreign bank a/c?

Is "A" liable to tax on notional income from property in London as "A" has one house in India.?

This query has arisen due to the declaration of foreign assets in schedule FA of ITR 4.

 

Thank you.

 

moiz

.

 

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Posted by: moizjaorawala@yahoo.com

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