US Returned IT Proffesional Taxation under Black Money Law2015

[Rajesh Yadav]

My client was posted in USA by his company in the year 2009-2011 where he earned USA salary and paid USA tax and on it. For those years he filed India Tax returns as NRI.

He purchased a house in USA from that salary and USA bank loan, for which he has been duly filing the USA Tax returns from the Income generated from the House property for the year 2012 and beyond. Although he has not shown in the Indian IT returns since he returned back to India.

He still owns the House in USA and a bank account, so as my question is does this asset fall under black money 2015 law ambit (Form 6) or he can simply declare it in his Indian IT return House Property as Foreign Country as the source of the income is completely legit and duly tax filed and there is no black money involved.

The questions is my mind are -

1. How should he declare this Foreign House Property (Under Black Money Form 6/ Regular IT Return Form)
2. How can he avail the Tax benefit which he has already paid in USA

Thanks

Rajesh

AI Summary

Client Queries Black Money Law 2015 Applicability on Undeclared US Property and Tax Benefits for US Taxes Paid. A client, who worked in the USA from 2009 to 2011, earned a salary and paid taxes there, filed Indian tax returns as an NRI, and purchased a house in the USA with a bank loan. Since returning to India, he has not reported this property in Indian tax returns. The client seeks advice on whether this asset falls under the Black Money Law 2015 or if it can be declared in the regular Indian IT return as foreign property. Additionally, he inquires about availing tax benefits for taxes already paid in the USA.