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Mihir Tanna  |349 Answers  |Ask -

Tax Expert - Answered on Mar 17, 2023

Asked by Anonymous - Mar 14, 2023
Hello Mihir Sir, You might be aware of domain buying/selling business, Actually My son has sold a domain and worked as broker and accordingly the transaction has been successfully completed (transaction was done thru a firm which clear path for safe deal in US and disburse the amount according to deal) against which he got a commission in USD, the same was remitted by bank , the amount is about Rs.64.00 lacs, this was the first deal which is done by him, in the coming days there may be more deals. I want to know what will be tax liabilities on this income and coming income, and which ITR shall he submit to fulfill the Income Tax requirement. Humble request to please guide me. Thanks and Regards, Rizwanur Rahman
Ans: Taxability of income will depends on several factors like residential status, business connection in India, DTAA benefit (if available), technical knowledge involved and availability of certain prescribed documents.

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