Capital gain - nri

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2015 A had invested in MF Equity Fund about 5 years back. He was a resident at that time. Now he has redeemed these MF Units, when he is NRI. He has earned long term capital gain on these equity oriented units. Is he liable to any tax and is he required to file ITR? He does not have any other income in India.

Amol S Joglekar

Amol S Joglekar (Expert)
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04 March 2015 1. Income earned in India is taxable in india whether or not the person is NON resident or RESIDENT and ordinarily resident.

2. Long term capital gain is exempt.

3. It is better to file the return. (The filing is NOT mandatory in this case)