During the P.Y. 2020-21, Mr. X, a non-resident, received ₹ 75,00,000 on account of sale of agricultural land in Mauritius. The money was first received in Mauritius and then remitted to his Indian bank account. Is the sum taxable in India?
A. No, as agricultural income is ex-empt u/s 10(1).
B. No, as the income has accrued and arisen outside India
C. Yes, since it is remitted to India in the same year.
D. Yes, as agricultural income earned outside India is not exempted in India in the hands of a non-resident.
Answer:B
During the P.Y. 2020-21, Mr. X, a non-resident, received ₹ 75,00,000 on account of sale of agricultural land in Mauritius. The money was first received in Mauritius and then remitted to his Indian bank account. Is the sum taxable in India?
A. No, as agricultural income is ex-empt u/s 10(1). B. No, as the income has accrued and arisen outside India C. Yes, since it is remitted to India in the same year. D. Yes, as agricultural income earned outside India is not exempted in India in the hands of a non-resident.