Mr. Aviral opened a bank account in Country "R" on 1.7.2020. He has made deposits of foreign currency equivalent to 5 lakhs on 1.7.2020,7 lakhs on…
CA Final · Direct Tax Laws and International Taxation · RTP · November 2024
Mr. Aviral opened a bank account in Country "R" on 1.7.2020. He has made deposits of foreign currency equivalent to 5 lakhs on 1.7.2020,7 lakhs on 1.10.2020,12 lakhs on 1.9.2022 and 25 lakhs on 1.3.2024, in that bank, out of Indian income which has not been assessed to tax in India. The deposit of 12 lakhs on 1.9.2022 is made out of the withdrawal of earlier deposits made on 1.7.2020 and 1.10.2020 with the said bank. Further, out of 25 lakhs deposited by him on 1.3.2024, Mr. Arvind withdrew 2 lakhs on 31.3.2024. The value of an undisclosed asset in form of bank account under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 will be taken as:
Suggested Answer and Working Notes:
Correct Answer: Option (C)
37 lakhs
Topics: Double Taxation Relief, Non-Resident Taxation
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