Non resident
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 December 2017
left India first time on 23/SEP/2017 175 days for FY2017-18 What will be imapct 1) on ITR FY2017-18 (AY 2018-19) 2) Long term capital gain during FY 2017-18 on sale of equity shares. Which rule will apply. Person has stayed in India for 182 days or more during the concerned F.Y.; or Person has stayed for 60 days or more during the concerned F.Y. and a total of 365 days or more during 4 years immediately prior to concerned
REPLY RECEIVED
1.You left India for employment the rule Person has stayed in India for 182 days or more during the concerned F.Y. Will apply. You will be non resident for fy 2017-18. Your foreign income is not taxable in India.
2 Long term capital gains on shares will be taxable at 20% as you are non resident.
Addendum:
If I return India for 25 days in January 2018 so
I will be in India for 175+25=200 days than what will be the status?
REPLY RECEIVED
1.You left India for employment the rule Person has stayed in India for 182 days or more during the concerned F.Y. Will apply. You will be non resident for fy 2017-18. Your foreign income is not taxable in India.
2 Long term capital gains on shares will be taxable at 20% as you are non resident.
Addendum:
If I return India for 25 days in January 2018 so
I will be in India for 175+25=200 days than what will be the status?
CA R SEETHARAMAN
(Expert)
07 December 2017
Then you are resident your foreign income is taxable in India with tax relief on tax paid outside India.
Your long term capital gains will be exempt.
Your long term capital gains will be exempt.
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