Foreign money transmitted india

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Juhi Agrawal (Querist)
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11 June 2012 Hi everyone,
I have qury pls try to solve it as soon as possilbe
My brother earning in US and transmittes money in NRE account in India.He also invest in Mutual funds in India thru the same NRE account. During the year he also have some STCG and LTCG. So my query is whether his STCG n LTCG incomes be availed as cliam in 80C. And the income he transmitts in India, where shud the asme be shown while filling income.
Please help as soon as possible.

Regards
Juhi Agrawal

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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11 June 2012 First of all the money transferred/remited by your brother is NOT TAXABLE in India. It is NOT income.

It is remitance of income earned outside India.

So, there is no need to show the same in the return.

Second, STCG on redemption of mutual fund units are taxable in India under the head capital gain.

LTCG on redemption of mutual fund units are exempt if the units were of an equity oriented fund.

Juhi Agrawal

Juhi Agrawal (Querist)
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11 June 2012 His STCG and LTCG income is below the tax limit and deduction u/s 80c for LIC premium paid can be claimed from such Capital gains as wen we calculate GTI we exclude capital gains income for dedction u/s 80c so please guide..

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