Taxation of NRI

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..... need to pay tax as when they fall under the jurisdiction of the Income Tax Act, 1961 Income of NRI is only taxable in India, If the income earned in India or income which accrue or arise or is deemed to accrue or arise in India (i.e. capital gains on shares mutual funds, interest on FD, any other interest income earned in India, Rental Income or Salary earned in India etc.) which exceed the b .....

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..... e allowed under any provision of this Act. LTCG Chapter VI-A not available. First Proviso to Section 48 Available. Second Proviso to Section 47 (Indexation) Not available. Other Income = Normal Provisions. Exemption on LTCG Section 115F LTCG of FOREX assets shall be exempt if net consideration is utilized for acquiring other FOREX assets or Saving Certificate .....

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..... n which he becomes Resident that he wants to be governed by the provision of Chapter XII-A. It means Investment Income continue to be taxed @20%. And Chapter-XII-A will apply till transfer or converted into money of such forex assets. Taxability of Income for Individual HUF Income Resident OR Resident but NOR No .....

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..... nior Citizens NRI NRI is not allowed to claim basic exemption limit in case of STCG u/s 111A, LTCG u/s 112A LTCG u/s 112 Interest earned on NRO account is fully TAXABLE in the hands of NRI under income from other sources as per income tax slab rates. However, Interest earned on NRE FCNR accounts is fully EXEMPT in the hands of NR. - Manuals - Ready reckoner - Law and practice - Re .....

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