27 May 2009
is basic exemption limit is available for non residents, and setoff of short term capital gains u/s 111a can be allowed against basic exemtion limit for such persons.
27 May 2009
Basic exemption limit: limit of Rs 1.5 lacs is available to NRIs. But the provision for differential basic exemption limit in case of woman/ senior citizen is not applicable to NRIs.
Section 111A: As for that. It is applicable to NRIs to the extent that STCG is taxable @15%, but the relief under proviso to the section 111A is not applicable. the proviso says that taxable income minus STCG if less than basic exemption limit is exempt.
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