Foreign income transmitted india

Transmission of income to India from US does not amounts to income in India.  Income is chargeable to tax only once & at it's source.  As your brother is an NRI, so only the income earned wud be chargeable to tax.  No benefit u/s 80C can be taken.  the LTCg & STCG wud be chargeable to tax flat at the applicable rates.

Hi Giridhar,

One thing more his STCG & LTCG is below the basic limit of Rs 1.8lacs so ITR will be filed but no tax wud be liable na?

Hi Giridhar,

One thing more his STCG & LTCG is below the basic limit of Rs 1.8lacs so ITR will be filed but no tax wud be liable na?

Dear Juhi,

LTCG & STCG are chargeable @ flat RATE OF 20% & 15% even if there is no other income.  However if there is any other income whihc is below the exemption limit, then the provision of section 112 would be applicable & LTCG would be calculated accordingly.

Dear Giridhar,

a last query..just have gt confused 

just take an example like have sufferred lost of rs. 5000 as LTCG for investment in various mutual funds & STCG is rs. 40000 and other source income is int on sb Rs 1000 

Here the ITR wud be filled as follows na?

Rs 5000 will be taken as carry frwrd loss 

Rs 41000 wud be taken as income on which no tax wud be liable bcoz its under basic exemption. Cant claim 80c deduction

Correct me if im wrong

You are right. but since the income doesnt exceed the initial exemption in this case, so why put 80C deductions?