TaxTMI 
TaxTMI 
Relocation to India - Impact of transaction entered before relocation.
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....elocation to India - Impact of transaction entered before relocation. <br>News and Press Release<br>Dated:- 9-6-2012<br><BR>After living in UK for several years, assessee finally returned to India on ....
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....29-5-2005. Her residential status for A.Y.2006-07 was resident but not ordinarily resident. On 20-01-2005 assessee initiated the process to sell the property owned by her in London, which was complete....
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....d on 31-5-2005. The sale proceeds therefrom were credited in her bank account in London on 01-06-2005, which were repatriated in India's bank account on 29-6-2005. In the above facts, the ITAT held th....
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....at, namely: 1) The residential status of assessee would not be altered by mere fact that she relocated to India on 29th May 2005; 2) Since, the assessee was resident but not ordinarily resident in I....
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....ndia in the year in which sale of foreign capital asset took place, the fact that sale was completed after assessee's relocation to India would not give rise to any capital gains in India; and 3) The....
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.... place of receipt of an income is the place where it is received by the assessee in its character of income. A mere transfer of money from one bank account to another bank account cannot be considered....
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.... as receipt of income because one cannot receive income from himself. Thus, no capital gain would be taxable in India - DR. SARMISHTHA MUKHERJEE v. ITO - [2012 (6) TMI 114 (Tri) ]<BR> News - Press re....
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....lease - PIB....